GLOBAL MICROSCOPE 2015 BIBLIOGRAPHY - Center for Financial ...

An index and study by The Economist Intelligence Unit

GLOBAL MICROSCOPE 2015 THE ENABLING ENVIRONMENT FOR FINANCIAL INCLUSION

BIBLIOGRAPHY Supported by

Global Microscope 2015: The enabling environment for financial inclusion Bibliography

Country bibliography

Contents

2

Argentina

3

Haiti

47

Paraguay

85

Bangladesh

6

Honduras

48

Peru

88

Bolivia

8

India

50

Philippines

91

Bosnia and Herzegovina

11

Indonesia

53

Russia

94

Brazil

13

Jamaica

55

Rwanda

96

Cambodia

15

Jordan

57

Senegal

99

Cameroon

17

Kenya

59

South Africa

102

Chile

19

Kyrgyz Republic

62

Sri Lanka

106

China

22

Lebanon

63

Tajikistan

109

Colombia

24

Madagascar

65

Tanzania

110

Costa Rica

27

Mexico

67

Thailand

112

Democratic Republic of Congo

29

Mongolia

68

Trinidad and Tobago

114

Dominican Republic

31

Morocco

70

Turkey

116

Ecuador

32

Mozambique

72

Uganda

118

Egypt

35

Nepal

75

Uruguay

120

El Salvador

37

Nicaragua

77

Venezuela

122

Ethiopia

40

Nigeria

79

Vietnam

126

Ghana

42

Pakistan

81

128

Guatemala

45

Panama

82

Financial inclusion experts interviewed during May and June of 2015

© The Economist Intelligence Unit Limited 2015


Argentina Interviews Bekerman, Marta. Presidente. Avanzar Institución Solidaria. 3 August 2015. Estrada, Emiliano. Gerente General. Impulso Argentino. 31 July 2015. Montes de Oca, Florencia. Directora Ejecutiva. Red Argentina de Instituciones de Microcrédito. 4 August 2015.

References 100 Seguro. 2015. “Diferentes Modelos y el Debate sobre tu Futuro en Argentina”. 100 Seguro, 14 January. [http://100seguro.com.ar/microseguros-diferentes-modelos-y-el-debate-sobre-su-futuro-en-argentina/]. July 2015. Andrianova, Anna and C. Saraiva. 2015. “Russia’s Inflation Crisis and Five Other Countries that will Face Rapid Price Increase this Year”. Bloomberg, 9 February. [http://www.bloomberg.com/news/articles/2015-02-09/russia-s-inflation-crisis-and-five-other-countries-thatwill-face-rapid-price-increases-this-year]. July 2015. Agencia National de Noticias (Télam). 2015. “Asignan recursos por $40 millones al fondo de capital social de aliento a la microempresa”. Télam. 23 April. [http://www.telam.com.ar/notas/201504/102587-asignan-recursos-por-40-millones-al-fondo-de-capital-social-de-aliento-ala-microempresa.html]. June 2015. AFI (Alliance for Financial Inclusion). 2012. “Agent Banking in Latin America”. AFI, March. [http://www.afi-global.org/sites/default/files/discussion_paper_-_agent_banking_latin_america.pdf]. July 2015. Asociación de Bancos Públicos y Privados de la República Argentina (ABAPPRA). 2015. “Informe sobre bancos”. [http://www.abappra.com/index.php?pagina=informe_sobre_bancos]. June 2015. Baker McKenzie. 2013. “Doing business in Argentina”. Baker & McKenzie, January. [http://www.bakermckenzie.com/files/Uploads/Documents/ North%20America/DoingBusinessGuide/Dallas/br_dbi_argentina_13.PDF]. June 2015. BCRA (Banco Central de la República Argentina). 2005. “Comunicación A 4416 - Circular CONAU 1-738: Régimen Informativo Contable Mensual”. 9 September. [http://www.bcra.gov.ar/Pdfs/comytexord/A4416.pdf]. August 2015. BCRA. 2010a. “Comunicación A 5167 - Circular CREFI 2-71: Instalación de sucursales. Adecuación de los aspectos a considerar. Plazo para habilitación. Prórroga”. 30 December. [http://www.bcra.gov.ar/pdfs/comytexord/A5167.pdf]. July 2015. BCRA. 2010b. “Cuenta Gratuita Universal”. [http://www.clientebancario.gov.ar/default.asp]. July 2015. BCRA. 2012a. “Comunicacion A 5374 - Circular RUNOR 1-1005: Normas sobre requisitos minimos de gestión, implementación y control de los riesgos relacionados con tecnología informática, sistemas de información y recursos asociados para las entidades financieras”. 12 December. [http://www.bcra.gov.ar/pdfs/comytexord/a5374.pdf]. July 2015. BCRA. 2012b. “Marco legal del sistema financiero”. [http://www.bcra.gov.ar/pdfs/marco/marcolegalcompleto2012.pdf]. July 2015. BCRA. 2012c. ”Ley: 24.144: Carta Orgánica del B.C.R.A”. [www.bcra.gov.ar/Pdfs/BCRA/CartaOrganica2012.pdf]. June 2015. BCRA. 2013. “Comunicación A 5460 - Circular RUNOR 1-1040; OPRAC 1-697; OPASI 2-446: Protección de los usuarios de servicios financieros. Modificaciones”. 19 July. [http://www.bcra.gov.ar/pdfs/comytexord/A5460.pdf]. July 2015. BCRA. 2014a. “Ley 26.173: Cajas de Crédito Cooperativas”. 10 June. [www.bcra.gov.ar/pdfs/Comytexord/A5590.pdf]. July 2015. BCRA. 2014b. “Protección de los Usuarios de Servicios Financieros”. 11 June. [http://www.bcra.gov.ar/pdfs/texord/t-pusf.pdf]. July 2015. BCRA. 2014c. “Comunicación A 5601 - Circular SINAP 1-35: Sistema Nacional de Pagos. Medio Electrónico de Pagos (MEP)”. 1 July. [http://www.bcra.gov.ar/pdfs/comytexord/A5601.pdf]. August 2015. BCRA. 2014d. “Tasa de interes en las operaciones de credito”. 13 August. [http://www.bcra.gov.ar/pdfs/texord/t-tasint.pdf]. June 2015. BCRA. 2014e. “Informacion de entidades financieras”. [http://www.bcra.gov.ar/]. June 2015. BCRA. 2014f. “Portal del Cliente Bancario: Derechos y Obligaciones”. [http://www.clientebancario.gov.ar/default.asp]. July 2015. BCRA. 2014g. ”Políticas: objectivos y planes”. December. [http://www.bcra.gov.ar/Politicas/polobj010000.asp]. June 2015. BCRA. 2015a. “Seguro de Garantía de los Depósitos”. 11 February. [http://www.bcra.gov.ar/pdfs/texord/t-seggar.pdf]. July 2015. BCRA. 2015b. “Los cambios en las normas y la evolución hacia Basilea III”. May. [http://www.bcra.gov.ar/Pdfs/Politicas/Hoja_ruta_Basilea_III. pdf]. August 2015. BCRA. 2015c. “Un Banco Central que Promueve el Desarrollo”. Gerencia de Prensa, 16 June. [http://es.slideshare.net/BancoCentral_Ar/notade-opinin-un-banco-central-que-promueve-el-desarrollo-por-alejandro-vanoli-mbito-financiero-160615‬]. August 2015. BCRA. 2015d. “Políticas | Vanoli analizó con ADEBA la ampliación del crédito productivo y un plan de bancarización”. Gerencia de Prensa, 19 June. [http://www.bcra.gov.ar/Politicas/polcre050000.asp]. August 2015.

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BCRA. 2015e. ”Comunicación A 5771: línea de créditos para la inversion productive. Tasas de interés en las operaciones de crédito. Efectivo mínimo. Financiamiento al sector público no financiero. Modificaciones”. 2 July. [http://www.bcra.gov.ar/pdfs/Comytexord/A5771.pdf]. July 2015. BCRA. 2015f. “El BCRA facilitará la instalación de sucursales en zonas con poca infraestructura financiera”. Gerencia de Prensa, 30 July. [http://www.bcra.gov.ar/Noticias/not000015.asp]. August 2015. BCRA. 2015g. “. Evolución de las transferencias electrónicas”. [http://www.bcra.gov.ar/pdfs/snp/SNP8510.pdf‬.‬]. August 2015. ‬ BCRA. 2015h. “Informe sobre bancos, Año XII, No. 8, April 2015”. [http://www.bcra.gov.ar/Pdfs/Publicaciones/InfBanc0415.pdf]. August 2015. BCRA. 2015i. “Regimen de Transparencia”. [http://www.bcra.gov.ar/Informacion_usuario/iaureg010000.asp]. July 2015. BCRA.2015j. “Portal del Cliente Bancario: Derechos y Obligaciones”. [http://www.clientebancario.gov.ar/default.asp]. July 2015. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). 2015. “Financial inclusion and its determinants: the case of Argentina”. [https://www.bbvaresearch.com/en/publicaciones/financial-inclusion-and-its-determinants-the-case-of-argentina/]. June 2015. BNAmericas. 2013. “Has the Argentine Central Bank lost an semblance of independence?”. [http://www.bnamericas.com/news/banking/has-the-argentine-central-bank-lost-any-semblance-of-independence]. July 2015. Comision Nacional de Comunicaciones 2014. “Normativa principal”. [http://www.cnc.gov.ar/ciudadanos/telefonia_movil/normativa.asp]. July 2015. CGAP (Consultative Group to Assist the Poor). 2010. “Regulation of Brachless Banking in Argentina”. [http://www.cgap.org/publications/regulation-branchless-banking-argentina]. July 2015. CGAP. 2013. “Implementing Consumer Protection in Emerging Markets and Developing Economies”. [http://www.cgap.org/sites/default/files/ Technical-Guide-Implementing-Consumer-Protection-August-2013.pdf]. July 2015. Cronista. 2015. “El BCRA mejora las tasas de los plazos fijos para captar las compras de dolar ahorro”. [http://www.cronista.com/finanzasmercados/El-BCRA-mejora-las-tasas-de-los-plazos-fijos-para-captar-las-compras-de-dolarahorro-20150211-0033.html]. July 2015. El Banco Mundial. 2015. “Un nuevo informe da cuenta de la caída masiva del número de personas no bancarizadas”. [http://www.bancomundial. org/es/news/press-release/2015/04/15/massive-drop-in-number-of-unbanked-says-new-report]. June 2015. El País. 2014. “Aumento da inflação afeta o ganha-pão de milhões de argentinos”. [http://brasil.elpais.com/brasil/2014/10/16/ economia/1413481469_273845.html]. July 2015. Ferreyra, Iriana. 2014. “La gestión asociada del Programa Nacional de Promoción del Microcrédito para el Desarrollo de la Economía Social: oportunidades para una evaluación participativa”. XIX Congreso Internacional del CLAD sobre la Reforma del Estado y de la Administración Pública, Quito, Ecuador. Fondo de Capital Social. 2014. “Programa de Microseguros”. [http://www.impulsoargentino.com.ar/proyectos-especiales/Proyecto-Programa-de-]. July 2015. Gobierno de la República Argentina. 2006. “Ley 26117: Promocion y regulacion del microcredito”. BCRA, 28 June. [http://www1.hcdn.gov.ar/ dependencias/dip/Nuevo/26117.pdf]. June 2015. Inforbae. 2014. “El Banco Central fijó tasas máximas para los créditos personales y prendarios”. [http://www.infobae.com/2014/06/10/1571827-el-banco-central-fijo-tasas-maximas-los-creditos-personales-y-prendarios]. June 2015. InfoLeg (Información Legislativa y Documental). 1993. “Ley N. 24240. Ley de Defensa del Consumidor”. Infoleg 22 September. [http://infoleg. mecon.gov.ar/infolegInternet/anexos/0-4999/638/texact.htm]. July 2015. InfoLeg. 2000. “Ley N. 25326”. 4 October. [http://www.infoleg.gob.ar/infolegInternet/verNorma.do?id=64790]. July 2015. InfoLeg. 2008. “Programa de Alfabetización Económica y Financiera”. [http://www.infoleg.gov.ar/basehome/actos_gobierno/ actosdegobierno20-10-2008-2.htm]. June 2015. Instituto Nacional de Asociativismo y Economía Social. “Trámites Cooperativas y Mutuales”.[http://www.inaes.gob.ar/?page_id=856]. June 2015. International Monetary Fund (IMF). 2012. “Argentina: Detailed Assessment of Compliance of Basel Core Principles for Effective Banking Supervision”. [http://www.imf.org/external/pubs/ft/scr/2012/cr12268.pdf]. July 2015. Internet World Stats. 2013. “Top 50 Countries with the Highest Internet Penetration Rates”. [http://www.internetworldstats.com/top25.htm]. July 2015. KMPG. 2013. “Evolucion de la reciente morosidad”. [http://www.kpmg.com/AR/es/IssuesAndInsights/ArticlesPublications/Informes-KPMG-Argentina/Analisis/Documents/Evolucionreciente-Morosidad.pdf]. June 2015. Latin America Goes Global. 2015”.World Bank’s financial inclusion numbers for Latin America and the Caribbean”. [http://latinamericagoesglobal.org/2015/06/world-banks-financial-inclusion-numbers-for-latin-america-and-the-caribbean/]. June 2015. Mastercard. 2014. Mobile Payments Readiness Index”. [http://mobilereadiness.mastercard.com/]. June 2015. McKinsey. 2011. “Creating value through credit card partnerships in Latin America”. [http://www.mckinsey.com/~/media/mckinsey/dotcom/ client_service/financial%20services/latest%20thinking/reports/creating_value_through_credit_card_partnerships_in_latin_america]. June 2015.

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Microinsurance Network. “Microinsurance Market in Argentina: What Do We Know?” [http://www.microinsurancenetwork.org/groups/ microinsurance-market-argentina-microinsurance-what-do-we-know]. July 2015. Microseguros Impulso Argentino. 2015. “Microseguro de Vida”. [http://www.impulsoargentino.com.ar/proyecto-microseguro-vida.php]. July 2015. Ministerio de Desarrollo Social. 2010. “1º Congreso Latinoamericano de Microcrédito y Economía Social: Nuestra palabra tiene crédito”. [http://www.desarrollosocial.gob.ar/congresomicrocredito/108]. June 2015. Ministerio de Desarollo Social. 2015a. “Comisión Nacional de Microcrédito: Programa de Microcrédito Padre Carlos Cajade”. [http://www.desarrollosocial.gob.ar/Uploads/i1/Programa%20Nacional%20de%20Microcr%C3%A9dito. pdf]. July 2015. Ministerio de Desarrollo Social. 2015b. “Comisión Nacional de Microcrédito (CONAMI)”. [http://www.desarrollosocial.gob.ar/ congresomicrocredito/108]. June 2015. Moodys. 2013. “Moody’s outlook negative for Argentine banking system as conditions deteriorate”. [https://www.moodys.com/research/ Moodys-Outlook-negative-for-Argentine-banking-system-as-business-conditions--PR_284174]. July 2015. Pagina 12. 2014 “La regulacion les puso un techo a las tasas”. [http://www.pagina12.com.ar/diario/economia/2-248356-2014-06-11.html]. July 2015. Red de Microcredito. 2015. “Fortalecimiento Institucional”. [http://www.reddemicrocredito.org/fortalecimiento.html]. July 2015. Reuters. 2014a. “Analysis: Argentina policies adrift as inflation spiral looms”. 31 January. [http://www.reuters.com/article/2014/01/31/usargentina-currency-analysis-idUSBREA0U1GG20140131]. June 2015. Reuters. 2014b. “Argentina Inflation”. 14 May. [http://www.reuters.com/article/2014/05/14/argentina-inflation-idUSL1N0O01QU20140514]. July 2015. Reuters. 2014c. “Argentina central bank chief quits, raising policy uncertainties”. 2 October. [http://www.reuters.com/article/2014/10/02/ argentina-centralbanker-idUSL2N0RW2WS20141002]. July 2015. Secretaria de Comunicacion Publica. 2014. “El BCRA modificó la normativa para los créditos personales”. [http://www.prensa.argentina. ar/2014/06/10/50622-el-bcra-modifico-la-normativa-para-los-creditos-personales.php]. June 2015. Standard & Poor’s Rating Services. 2013. “¿Cómo afectará la implementación de las reglas de capital de Basilea III a los bancos latinoamericanos?”. [http://www.standardandpoors.com/ratings/articles/es/la/?articleType=PDF&assetID=1245358653942]. June 2015. Tuesta, David, Noelia Cámara, and Pablo Urbiola. 2015. “Extendiendo el acceso al sistema financiero formal: el modelo de negocio de los corresponsales bancarios”. Documento de Trabajo no. 15/11, BBVA Research, Madrid. Tuesta, David, Gloria Sorensen, Adriana Haring, and Noelia Cámara. 2015. “Inclusión financiera y sus determinantes: el caso argentino”. Documento de Trabajo no. 15/04, BBVA Research, Madrid. Valente, Marcela. 2011. “Argentina Lags in Microfinance Despite Huge Potential”. Inter Press Services, 2 November. [http://www.ipsnews.net/2011/11/argentina-lags-in-microfinance-despite-huge-potential/]. July 2015. World Bank. 2011. “Regulation of Personal Data Protection and of Reporting Agencies: a Comparison of Selected Countries of Latin America, the United States and European Union Countries”. [http://www1.worldbank.org/finance/assets/images/Regulation_of_Personal_Data_Protection.pdf]. July 2015. World Bank. 2015”.Ease of Doing Business in Argentina: Getting Credit”. Doing Business 2016. [http://www.doingbusiness.org/~/media/giawb/doing%20business/documents/profiles/country/ARG.pdf]. July 2015. Wall Street Journal. 2014. “Argentina to continue debt talks Friday without economy minister”. [http://online.wsj.com/articles/argentina-to-continue-debt-talks-friday-without-economy-minister-1405003094]. July 2015.

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Bangladesh Interviews Dewan, Alamgir. Consultant. IFAD (International Fund for Agricultural Development) and World Bank. 21 July 2015. Quader, Syed Mamnun. Managing Director and Chief Executive Officer. Southtech Limited. 28 July 2015. Additional sources wished to remain anonymous.

References AB Bank. “Account opening”. [http://abbl.com/account-opening.html]. Ahmed, Kabir. 2013. “Regulation and Supervision of MFIs in Bangladesh”. Paper Presented in the SAARCFINANCE Seminar on Regulation and Supervision of Microfinance Institutions (MFIs) in SAARC Region. Bangladesh Bank. Organized by Nepal Rastra Bank Kathmandu. 20-22 March. [http://www.nrb.org.np/saf/seminar/mfonsaarcregion/Bangladesh_Country-Paper.pdf]. AFI (Alliance for Financial Inclusion). 2012. “Maya Declaration: Joint Commitment made by Bangladesh Bank and the Microcredit Regulatory Authority of Bangladesh”. 5 February. [http://www.afi-global.org/library/publications/maya-declaration-joint-commitment-madebangladesh-bank-and-microcredit]. AFI. 2014a. “Maya Declaration: Joint Commitment made by Bangladesh Bank, Microcredit Regulatory Authority, and Ministry of Finance of Bangladesh”. 3 November. [http://www.afi-global.org/library/publications/maya-declaration-joint-commitment-made-bangladesh-bankmicrocredit-regulatory]. AFI. 2104b. “Measurable Goals with Optimal Impact: 2014 Maya declaration progress report”. [http://www.afi-global.org/sites/default/files/ publications/2014_maya_declaration_progress_report_final_low_res.pdf]. ASA. 2015. “Savings Products”. [http://asa.org.bd/savings-products/]. Azim Uddin Mahmud, and Antoni F. Tulla. “Geography of Rural Enterprise Banking and Microfinance Institutions in Bangladesh”. Documents d’Anàlisi Geogràfica 2015, vol. 61/2 325-350. Bangladesh Bank. 2011a. “Userguide Manual– Batch Monthly Contribution”. Regulations and guidelines. CIB online services Version 2.3., 8 February. [https://www.bb.org.bd/aboutus/regulationguideline/guidelist.php]. Bangladesh Bank. 2011b. “Policies and guidelines for CIB Online Services”. Regulations and guidelines. CIB online services. April. [https://www.bb.org.bd/aboutus/regulationguideline/guidelist.php]. Bangladesh Bank. 2011c. “Deposit Insurance System in Bangladesh”. 30 June. [https://www.bb.org.bd/pub/annual/ditf/june2011ditf.pdf]. Bangladesh Bank. 2011d. “Guidelines on Mobile Financial Services (MFS) for the Banks. 22 September. [http://www.bu.edu/bucflp/ files/2012/01/Guidelines-on-Mobile-Financial-Services-for-the-Banks-consumer-protection-related.pdf]. Bangladesh Bank. 2011e. “Amendment of Guidelines on Mobile Financial Services for the Banks”. DCMPS (PSD) Circular Letter no.11, 20 December. [https://www.bb.org.bd/aboutus/regulationguideline/guidelist.php]. Bangladesh Bank. 2014a. “Prudential Regulations for Banks: Selected Issues”. January. [https://www.bb.org.bd/aboutus/regulationguideline/ guidelist.php]. Bangladesh Bank. 2014b. Regulations and guidelines. Guidelines for Customer Services and Complaint Management. June. [https://www.bb.org.bd/aboutus/regulationguideline/guidelist.php]. Bangladesh Bank. 2014c. “Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital Framework for banks in line with Basel III)”. December. [https://www.bb.org.bd/mediaroom/baselii/baselII.php]. Bangladesh Bank. 2015a. “Draft: Regulatory Guidelines for Mobile Financial Services (MFS) in Bangladesh, Revised version”. July. [https://www.bb.org.bd/aboutus/draftguinotification/guideline/mfs_final_v9.pdf]. Bangladesh Bank. 2015b. “Heading Towards New Horizon. Strategic plan 2015-2019”. [https://www.bb.org.bd/aboutus/strategic_plan.php]. Bangladesh Bank. 2015c. “Monetary Policy Statement January-June 2015”. [https://www.bb.org.bd/monetaryactivity/mps/mps.php]. Bangladesh Bank. “Regulators of the Financial System”. [https://www.bb.org.bd/fnansys/regulator.php]. Bangladesh Bank. Departments & offices. “Financial Integrity and Customer Services Department”. [https://www.bb.org.bd/aboutus/dept/ depts.php]. Bangladesh Bank. “Guidelines on Agent Banking for the Banks”. [https://www.bb.org.bd/aboutus/regulationguideline/psd/agentbanking_ banks_v13.pdf]. Bangladesh Bank. “Regulations and guidelines: Guidance Note for Approval and Operation of Agent Banking Activities of Banks”. [https://www.bb.org.bd/aboutus/regulationguideline/guidelist.php]. Bangladesh Bank. Services. “Financial Integrity & Customer Services Department (FICSD)”. [https://www.bb.org.bd/complainbox/cipc_ procedure.php].

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Bangladesh Krishi Bank. “Poverty alleviation and Micro-credit Programs/Projects”. [http://krishibank.org.bd/showDocument. php?documentid=1178]. Bin Habib, Talha. 2011. “Govt plans to strengthen consumer rights protection”. The Financial Express, 2 March. [http://www.thefinancialexpress-bd.com/old/more.php?news_id=124895&date=2011-02-03]. Choudhury, Toufic Ahmad. 2014. “Bangladesh Country Paper on: Impact of Access to Financial Services”. UNCTAD Single-year Expert Meeting on the Impact of Access to Financial Services, Including by Highlighting Remittances on Development: Economic Empowerment of Women and Youth. 12 to 14 November. [http://unctad.org/meetings/en/Presentation/ciem6_2014_Bangladesh_en.pdf]. CGAP (Consultative Group to Assist the Poor). 2015a. “Telenor’s Shared Agents: Digital Finance Catalyst for Bangladesh?”. 12 March. [http://www.cgap.org/blog/telenor%E2%80%99s-shared-agents-digital-finance-catalyst-bangladesh]. CGAP. 2015b. “Mobile Money in Bangladesh: Still a Long Way to Go”. 9 July. [http://www.cgap.org/blog/mobile-money-bangladesh-still-longway-go]. Consumers International. 2010. “Recommendations for Effective Implementation of the Consumer Rights Protection Act. 2009 in Bangladesh”. [http://www.consumersinternational.org/media/753975/ungcp-and-crpa-report-english.pdf]. Consumers International. “Second phase of ‘Training for Strengthening Consumers Association of Bangladesh’ project”. [http://www.consumersinternational.org/our-work/consumer-protection-and-law/key-projects/bangladesh-project/]. Habib, Shah Md. Ahsan, and Md. Mohiuddin Siddique. 2014. “A Review of the Supervisory Initiatives by Bangladesh Bank”. Bangladesh Institute of Bank Management, December. [https://www.bb.org.bd/pub/other/regulatory_framework_book.pdf]. Institute of Microfinance. “Training on Microfinance Operations and Management (MOM) for MRA official at Dhaka”. [http://inm.org.bd/training/mra_training.htm]. Kallol, Asif Showkat. 2015. “GB goes under full state control today”. Dhaka Tribune, 15 February. [http://www.dhakatribune.com/bangladesh/2015/feb/15/gb-goes-under-full-state-control-today]. MRA (Microcredit Regulatory Authority). 2010. “Microcredit Regulatory Authority Rules 2010 (English Version)”. Bangladesh Gazette. Microcredit Regulatory Authority Notice,19 December. [http://www.mra.gov.bd/images/mra_files/Regulations/mra%20regulations%20-%20unofficial%20translation%20final.pdf]. MRA. 2013. “Guidelines for defining capital of MFIs”. MRA/Circular Letter, 8 May. [http://www.mra.gov.bd/images/mra_files/Circular/ circularletter-17-eng.pdf]. MRA. 2014. “Microcredit in Bangladesh”. [http://www.mra.gov.bd/images/mra_files/Publications/microcredit%20in%20bd14072014.pdf]. MRA. “Microcredit Regulatory Authority Clarification on Interest Rate and other relevant issues of Microcredit”. [http://mra.gov.bd/images/mra_files/Circular/clarificationoninterestrate-english.pdf]. MicroCapital. 2012. “MICROCAPITAL BRIEF: Bangladesh to Establish Deposit Insurance Fund for Microfinance Institutions”. 3 August. [http://www.microcapital.org/?s=Bangladesh+to+Establish+Deposit+Insurance+Fund+for+Microfinance+Institutions]. Mizan R. Khan, Stephen Roddick and Erin Roberts. 2013. “Assessing Microinsurance as a Tool to Address Loss and Damage in the National Context of Bangladesh”. June. [http://www.lossanddamage.net/download/7078.pdf]. National Parliament, Jatiyo Sangshad. 2006. “Microcredit Regulatory Authority Act 2006 (English Version)”. Bangladesh Gazette. Extra Issue Published by the Authority. 16 July. [http://mra.gov.bd/images/mra_files/mra_act_2006_english.pdf]. New Age. 2014. “Complaints against banks, NBFIs increase”. 23 September. [http://newagebd.net/51706/complaints-against-banks-nbfisincrease/]. Palli Karma-Sahayak Foundation. “Developing Inclusive Insurance Sector Project (DIISP)”. [http://www.pksf-bd.org/?page_id=128]. Pierce, Jeff. 2015. “MICROCAPITAL BRIEF: Bangladeshi Government Takes Interim Control of Grameen Bank”. MicroCapital, 25 March. [http://www.microcapital.org/microcapital-brief-bangladeshi-government-takes-interim-control-of-grameen-bank/]. Rahman, Mizanur, S.M. Masum Billah, and Indrani Thuraisingham, eds. 2010. “A Booklet on Consumer Protection in Bangladesh”. Bangladesh Quality Support Programme, 28 June. [http://www.consumersinternational.org/media/754035/booklet-on-consumer-protection-inbangladesh-english.pdf]. Syminvest. 2014. “Bangladesh: Microfinance Credit Bureau - Let’s Make the Dream Come True”. 4 May. [http://www.syminvest.com/news/ bangladesh-microfinance-credit-bureau--lets-make-the-dream-come-true/2014/5/4/4298]. World Bank. 2014. “Economy Rankings”. Doing Business: Measuring Business Regulation, June. [http://www.doingbusiness.org/rankings]. World Bank. 2015. “Ease of Doing Business in Bangladesh: Getting Credit”. Doing Business 2016. [http://www.doingbusiness.org/data/ exploreeconomies/bangladesh#getting-credit].

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Bolivia Interviews Manjón, Rubén. Pacific Credit Rating. 3 August 2015. Pizarro, Manuel. Asociacion de Entidades Financieras Especializadas en Micro Finanzas de Bolivia (ASOFIN). 22 September 2015. Quintela, Nestor A Castro. FINRURAL. 21 September 2015. Sivilá, Antonio. Secretario Ejecutivo. ASOFIN (Asociacion de Entidades Financieras Especializadas en Micro Finanzas de Bolivia). 23 October 2015. Additional source wished to remain anonymous.

References Alliance for Financial Inclusion (AFI). 2013. “Bolivia’s ASFI becomes Alliance for Financial Inclusion’s 106th member”. [http://www.afi-global.org/news/2013/5/29/bolivias-asfi-becomes-alliance-financial-inclusions-106th-member]. July 2015. America Economia. June 2015. “Bolivia cuadruplica sus cuentas bancarias de ahorro en una década”. [http://www.americaeconomia.com/ negocios-industrias/bolivia-cuadruplica-sus-cuentas-bancarias-de-ahorro-en-una-decada]. July 2015. Asociacion Boliviana de Aseguradores 2015. “Normativa general”. [http://www.ababolivia.org/normativa01.asp]. July 2015. Asociacion de Supervisores Bancarios de las Americas. “Microscopio Global 2015 – Cuestionario de Miembros Asociados de ASBA”. September 2015. Autoridad de Fiscalizacion y Control de Pensiones y Seguros. “Estadisticas - Seguros”. [http://www.aps.gob.bo/ESTADISTICAS/Paginas/Seguros.aspx]. July 2015. ASFI (Autoridad de Supervision del Sistema Financiero). 2004. “Circular 475”. [servdmzw.asfi.gob.bo/circular/circulares/475.pdf]. July 2015. ASFI. 2008. “Modificacion al reglamento para buros de informacion crediticia”. [servdmzw.asfi.gob.bo/circular/circulares/576.pdf]. July 2015. ASFI. 2011a. “Resolución No 772/2011”. [servdmzw.asfi.gob.bo/circular/circulares/ASFI_772.pdf]. July 2015. ASFI. 2011b. “Resolución No 835/2011”. [servdmzw.asfi.gob.bo/circular/circulares/ASFI_835.pdf]. July 2015. ASFI. 2012a. “Resolución No 405/2012”. [servdmzw.asfi.gob.bo/circular/circulares/ASFI_204.pdf]. July 2015. ASFI. 2012b. “Resolución No 004/2012”. [servdmzw.asfi.gob.bo/circular/circulares/ASFI_004.pdf]. July 2015. ASFI. 2012c. “Importancia de los corresponsales financieros”. [https://www.asfi.gob.bo/Estad%C3%ADsticas/EditorialesdeBolet%C3%ADn. aspx]. July 2015. ASFI. 2012d. “Circular 105/12”. [https://www.asfi.gob.bo/Normativa/Circulares.aspx]. July 2015. ASFI. 2013a. “ASFI implementa el servicio de la billetera móvil”. [https://www.asfi.gob.bo/Portals/Noticias/Nota de prensa Billetera Movil Enero 2013.pdf]. July 2015. ASFI. 2013b. “Circular 189/13”. [servdmzw.asfi.gob.bo/circular/circulares/ASFI_189.pdf]. July 2015. ASFI. 2014. “Reglamento para corresponsalia de entidades supervisades”. [servdmzw.asfi.gob.bo/circular/textos/L01T03.pdf]. July 2015. ASFI. 2015a. “Homepage”. [https://www.asfi.gob.bo/]. July 2015. ASFI. 2015b. “Principales indicaroes financieros”. [https://www.asfi.gob.bo/Estad%C3%ADsticas/PrincipalesIndicadoresFinancieros.aspx]. July 2015. ASFI. 2015c. “Analisis del sistema financiero”. [https://www.asfi.gob.bo/Estad%C3%ADsticas/An%C3%A1lisisdelSistemaFinanciero.aspx]. July 2015. ASFI. 2015d. “Objetivos”. [https://www.asfi.gob.bo/ASFI/Informaci%C3%B3nInstitucional/ObjetivosInstitucionales.aspx]. July 2015. ASFI. 2015e. “Caja de ahorro”. [https://www.asfi.gob.bo/ConsumidorFinanciero/Educaci%C3%B3nFinanciera/Ahorro/CajadeAhorro.aspx]. July 2015. ASFI. 2015f. “Estadisticas de reclamos recibidos”. [https://www.asfi.gob.bo/ConsumidorFinanciero/CentraldeReclamosySanciones/Estad%C3% ADsticasdeReclamosRecibidos.aspx]. July 2015. ASFI. 2015g. “Reporte de inclusion financiera”. [https://www.asfi.gob.bo/ASFI.aspx]. July 2015. ASFI. 2015h. “Entidades en Proceso de Incorporación al Ámbito de Supervisión”. [https://www.asfi.gob.bo/EntidadesFinancieras/%C3%81mbit odeSupervisi%C3%B3n/EnProcesodeAdecuaci%C3%B3n/EntidadesParticipantes.aspx]. July 2015. ASFI. 2015i. “La defensoria del consumidor financiero”. [https://www.asfi.gob.bo/ConsumidorFinanciero/Informaci%C3%B3ndelaDCF.aspx]. July 2015. ASFI. 2015j. “Tarifario”. [https://www.asfi.gob.bo/Publicaciones/Tarifarios_ServFinancieros.aspx]. July 2015. ASFI. 2015k. “Derechos del Cliente y Usuarios Financieros”. [https://www.asfi.gob.bo/ConsumidorFinanciero/DerechosyObligaciones.aspx]. July 2015. ASFI. 2015l. “Punto de reclamo”. [servdmzw.asfi.gob.bo/circular/textos/T11.pdf]. July 2015.

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BCB (Banco Central de Bolivia). 2015a. “Tasas de interes”. [https://www.bcb.gob.bo/?q=tasas_interes]. July 2015. BCB. 2015b. “Indicadores de inflacion”. June. [https://www.bcb.gob.bo/?q=indicadores_inflacion]. July 2015. BCB. 2015c. “Que es el sistema de pagos”. [https://www.bcb.gob.bo/?q=sistema-de-pagos]. July 2015. BCB. 2015d. “Boletin mensual de sistema de pagos - Abril 2015”. [https://www.bcb.gob.bo/?q=boletines-mensuales]. July 2015. Banco FIE. 2015. “Tasas de interes y comiciones”. [https://www.bancofie.com.bo/productos-y-servicios/tarifario/]. July 2015. Banco Nacional de Bolivia. 2015. “Que es la defensoria al consumidor financiero”. [https://www.bnb.com.bo/AprendaBNB/pol28.pdf]. July 2015. Banco Solidario. 2015. “Sol Individual”. [https://www.bancosol.com.bo/productos-y-servicios/creditos/sol-individual]. July 2015. Belmonte, Marco. 2014. “Nueva ley da paso a 11 bancos múltiples y tres para las pyme”. Pagina Siete, 12 March. [http://www.paginasiete.bo/ economia/2014/3/12/nueva-paso-bancos-multiples-tres-para-pyme-16063.html]. July 2015. Bolivia Emprende. 2014. “Suben las tasas de interes para creditos de consumo”. December. [http://boliviaemprende.com/noticias/suben-lastasas-de-interes-para-creditos-de-consumo]. July 2015. CAF (Development Bank of Latin America). 2015. “Bolivia muestra avance en educacion e inclusion financiera”. May. [http://www.caf.com/es/ actualidad/noticias/2015/05/bolivia-muestra-avance-en-educacion-e-inclusion-financiera/]. July 2015. Chipana, Willy. 2013. “ASFI emite norma que limita acceso a credito de consumo”. La Razon, 29 October. [http://www.la-razon.com/index. php?_url=/economia/Asfi-limita-acceso-credito-consumo_0_1933606666.html]. July 2015. Consultative Group to Assist the Poor (CGAP). 2014. “Bolivia: Asfi dice que sube “cultura del reclamo” contra entidades financieras”. [http:// www.microfinancegateway.org/es/announcement/bolivia-asfi-dice-que-sube-cultura-del-reclamo-contra-entidades-financieras]. July 2015. Comite Nacional contra el racismo y toda formas de discriminacion. 2015. “Reporte de denuncias de racismo y discriminacion”. 31 March. [http://noracismo.gob.bo/index.php/reporte-denuncias/1791-reporte-de-denuncias-de-racismo-y-discriminacion-al-31-de-marzode-2015]. July 2015. Deloitte. 2015. “Use of IFRS by Jurisdiction”. [http://www.iasplus.com/en/resources/ifrs-topics/use-of-ifrs]. July 2015. Economist Intelligence Unit (EIU). 2015. “Bolivia Country report”. July 2015. El Deber Economia. 2014. “Microseguros crecen hasta un 30% en 2014”. [http://www.eldeber.com.bo/economia/microseguros-crecenhasta-30-2014.html]. July 2015. El Mundo. November 2015. “INE inicia encuesta hogares para medir índice de pobreza en Bolivia”. [http://elmundo.com.bo/elmundo/noticia. php?id=11411]. July 2015. Enserbic. 2015. “Enserbic”. [https://www.infocenter.com.bo/web_publico/index.php]. July 2015. Financial pagos. 2015. “Bolivia: las transferencias a través de telefonía móvil crecieron un 334% en 2014”. 5 May. [http://www.financialpagos. com/2015/05/05/bolivia-las-transferencias-a-traves-de-telefonia-movil-crecieron-un-334-en-2014/]. July 2015. FINRURAL. 2015. “Microfinanzas y desarollo en Bolivia”. [http://www.finrural.org.bo/]. July 2015. Government of Bolivia. 1996. “Ley General de Sociedades Cooperativas, Decreto Supremo 24439-1996”. [http://www.lexivox.org/norms/BODS-24439.xhtml]. July 2015. Government of Bolivia. 2000. “Administrative Resolution No 258 of June 2000”. June. [http://www.ababolivia.org/normativa01.asp]. July 2015. Government of Bolivia. 2009. “Constitucion”. July 2015. Government of Bolivia. 2013a. “Decreto Supremo 1842-2013”. [http://www.lexivox.org/norms/BO-DS-N1842.xhtml]. July 2015. Government of Bolivia. 2013b. “Ley de Servicios Financieros, Ley 393”. [https://www.bcb.gob.bo/webdocs/sistema_pagos/Ley393.pdf]. July 2015. Government of Bolivia. 2014a. “Law 516 of 2014”. [https://www.bcb.gob.bo/?q=normativa-leyes]. July 2015. Government of Bolivia. 2014b. “Decreto Supremo 2055-2014”. [http://box.cnc.bo/cir2014/C2014-216.html]. July 2015. Infocred. 2015. “Infocred”. [https://www.infocred.bo/]. July 2015. International Financial Reporting Standards Foundation (IFRS). 2015. “Jurisdictional profile: Bolivia”. [http://www.ifrs.org/Use-around-theworld/Pages/Jurisdiction-profiles.aspx]. July 2015. International Institute for Sustainable Development. August 2014. “Opening the Door to Foreign Investment? An Analysis of Bolivia’s New Investment Promotion Law. “ [http://www.iisd.org/itn/2014/08/11/opening-the-door-to-foreign-investment-an-analysis-of-boliviasnew-investment-promotion-law/]. July 2015. International Monetary Fund (IMF). 2014. “Staff report for the 2013 Article IV consultation”. [http://www.imf.org/external/pubs/cat/longres. aspx?sk=41310.0]. July 2015. JornadaNet. 2015. “BCB oferta Bonos BCB Directo con interes hasta 6% por un ano”. 2 February. [http://www.jornadanet.com/n. php?a=113023-1]. July 2015. La Prensa. 2013. “Ley garantizará devolución de ahorros hasta por $US 10.000”. 1 July. [http://www.laprensa.com.bo/diario/actualidad/ economia/20130701/ley-garantizara-devolucion-de-ahorros-hasta-por-us_48200_77942.html].September 2015.

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Los Tiempos. 2014. “El Gobierno fija nuevas tasas de interés bancario”. 10 July. [http://www.lostiempos.com/diario/actualidad/ economia/20140710/el-gobierno-fija-nuevas-tasas-de-interes-bancario_266100_583289.html]. July 2015. McCord, M. J., and K. Biese. 2014. “The Landscape of Microinsurance in Latin America and the Caribbean - 2014: Preliminary Briefing Note”. Microinsurance Network, 1 December. [http://www.munichre-foundation.org/home/Microinsurance/MicroinsuranceLandscape/2014_ Landscape_Microinsurance_LAC.html]. July 2015. Ministerio de la Economia y Finanzas. 2013. “Ley N. 453 General de los Derechos de Usuarios y Consumidores”. [http://www.economiayfinanzas. gob.bo/index.php?opcion=com_contenido&ver=contenido&id=3110&id_item=234&seccion=230&categoria=327]. July 2015. Quispe, Aline. 2014. “El BCB lanzará bono con interés del 7% para controlar la inflación”. La Razon, 6 October. [http://www.la-razon.com/index. php?_url=/economia/BCB-lanzara-interes-controlar-inflacion_0_2138786141.html]. July 2015. US State Department. 2015. “2015 Investment Climate Statement: Bolivia”. May. [http://www.state.gov/e/eb/rls/othr/ics/2015/241487.htm]. September 2015. World Bank. 2015. “Doing Business in Bolivia: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/bolivia/#gettingcredit]. July 2015. World Bank. 2015. “Internet users”. [http://data.worldbank.org/indicator/IT.NET.USER.P2]. July 2015.

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Bosnia and Herzegovina Interviews Bradara, Mira. Assistant Minister in Sector for Economic Finance. Government of Federation of Bosnia and Herzegovina, Federal Ministry of Finance. 13 August 2015. Mujkovic, Alem. Internal Auditor. Mikro ALDI. 20 August 2015. Rustemi, Jasmin. Associate Expert. Government of Federation of Bosnia and Herzegovina, Federal Ministry of Finance. 14 August 2015. Additional source wished to remain anonymous.

References FBA (Banking Agency Federation of the Federation of Bosnia and Herzegovina). 2007a. “Federation of Bosnia and Herzegovina Decision on the Amount and Formation and Maintenance Of Reserves For Coverage Of Credit Losses of Microcredit Organizations”. 14 March. [http://www.fba.ba/images/documents_archive/podzakonskimk_12_1.pdf]. FBA. 2007b. “Decision on the Amount and Formation and Maintenance of Reserves for Coverage of Credit Losses of Microcredit Organizations”. 14 March. [http://www.fba.ba/images/documents_archive/podzakonskimk_12_1.pdf]. FBA. 2007c. “Decision on Monitoring of Operations of Microcredit Organizations”. 14 March. [http://www.fba.ba/images/documents_archive/ podzakonskimk_9_1.pdf]. FBA. 2007d. “Decision on minimal standards for management of market risks in FBIH”. 26 July. [http://www.fba.ba/images/banke_ podzakonski_2/BANKE_MINIMALNI_STANDARDI_9_bos.pdf]. FBA. 2012a. “Amendments To The Decision On The Form and Content Of Reports that the Microcredit Organization Submit to the Federal Banking Agency of Bosnia and Herzegovina and Reporting Deadlines”. 6 December. [http://www.fba.ba/images/Micro_Documents/MKO_ izmjena_i_dopune_Odluke_o_izvjestajima_bos.pdf]. FBA. 2012b. “Decision on the Form of Reports Which the Banks Submit to the Banking Agency of Federation Of Bosnia and Herzegovina”. 6 December. [http://www.fba.ba/images/banke_podzakonski_2/Banke_forma_izvjestaja_06_12_2012_bos.pdf]. FBA. 2013. “Information on microcredit system in FBIH”. 31 December. [http://www.fba.ba/images/Micro_Documents/INFORMACIJA_ MKO_31_12_2012_bos.pdf]. FBA. 2015. [http://www.fba.ba/index.php?page=17]. Banking Agency of Republika Srpska. 2015. [http://abrs.ba/index_eng.htm]. Bosnian Today. 2015. “FBiH Govt adopts reform agenda ahead of Hahn visit”. 9 June. [http://www.bosniatoday.ba/fbih-govt-adopts-reformagenda-ahead-of-hahn-visit/]. CBBH (Central Bank of Bosnia and Herzegovina). 2014. Annual Report. [http://www.cbbh.ba/files/godisnji_izvjestaji/2014/GI_2014_en.pdf]. CBBH. 2015a. “Monthly Economic Survey April 2015”. July. [http://www.cbbh.ba/files/mep/2015/mep_apr_2015_en.pdf]. CBBH. 2015b. “Advanced Release Calendar”. [http://www.cbbh.ba/index.php?id=29&lang=en]. CBBH. “Banks in BH”. [http://www.cbbh.ba/index.php?id=7&lang=en]. CBBH. “Central Registry of Loans”. [http://cbbh.ba/index.php?id=27&lang=en]. CBBH. “Dispute resolution - Procedures for Complaints”. [http://www.cbbh.ba/?id=899#4]. CBBH. “General Information About the Bank”. [http://www.cbbh.ba/?id=13]. Deposit Insurance Agency of Bosnia and Herzegovina. 2015. “About us”. [http://www.aod.ba/index.php?lang=en]. FBiH (Federal Government of Bosnia and Herzegovina). 2002. “Law on Banks of Federation of Bosnia and Herzegovina”. August. [http://www.pravobih.com/images/dokumenti/zakon%20o%20bankama.pdf] FBiH. 2004. “Law on Postal Traffic of the Federation BiH”. Official Gazette of Federation of BiH 76/04. FBiH. 2005a. “Law on insurance companies in private insurance”. Official Gazette of Federation of BiH No. 24, 18 April. [http://www.bosnare. ba/BosnaREFiles/File/lawsregulations/FBIH%20LAW%20ON%20INSURANCE%20COMPANIES%20%20IN%20PRIVATE%20INSURANCE%20 apr%202005.pdf]. FBiH. 2005b. “Law on Personal Data Protection BIH”. 23 May. [http://www.azlp.gov.ba/images/PropisiBOS/Zakon_o_%20zastiti_licnih_ podataka_u_BiH_BOS.pdf]. FBiH. 2006a. “Law on Microcredit Organisation of Federation of Bosnia and Herzegovina”. 30 August. [http://www.fba.ba/old/novostibin/ zakoni_4_1.pdf]. FBiH. 2006b. Law on protection of consumers in BiH. 4 April. [http://www.mvteo.gov.ba/zakoni/zakoni/default.aspx?id=666&langTag=bs-BA]. FBiH. 2006c. “Law on electronic signature BIH”. 14 November. [http://www.sllist.ba/Aktuelno/ZEP/broj91.htm]. FBiH. 2013a. “Law on protection of guarantors in Federation of Bosnia and Herzegovina”. [http://parlamentfbih.gov.ba/dom_naroda/bos/ parlament/propisi/usvojeni_p/Zakon_o_zastiti_jamca_FBiH%202013.pdf].

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FBiH. 2013b. “Law on Deposit Insurance in Banks of Bosnia and Herzegovina. Official Gazette of BiH, no. 20/02, 18/05, 100/08, 75/09 and 58/13”. [http://www.aod.ba/index.php?option=com_content&view=article&id=3&Itemid=7&lang=bhs]. FBiH. 2014. “Law on protection of users of financial services FBiH”. [http://www.advokat-prnjavorac.com/zakoni/Zakon-o-zastiti-korisnikafinansijskih-usluga-FBiH.pdf]. Financial Action Task Force. 2015. “Bosnia and Herzegovina: Insufficient progress on amendments to anti-money laundering legislation”. 15 April. [http://www.fatf-gafi.org/countries/a-c/bosniaandherzegovina/]. Insurance Agency of Bosnia and Herzegovina. 2015. “Welcome to B&H Insurance Agency web site”. [http://www.azobih.gov.ba/cms/index. php?option=com_content&task=view&id=1&Itemid=122&lang=bos]. Insurance Agency of Republika Srpska. 2015. [http://www.azors.rs.ba/azors/onama.html] Insurance Supervisory Agency of Federation of Bosnia and Herzegovina. 2005. “Info”. [http://www.nados.ba/bos/index.html]. IMF (International Monetary Fund). 2015a. “IMF Executive Board Approves Bosnia and Herzegovina’s 2015 Financial System Stability Assessment”. 9 July. [http://www.imf.org/external/np/sec/pr/2015/pr15327.htm] IMF. 2015b. “Bosnia and Herzegovina: Concluding Statement of the 2015 Article IV Mission”. 12 May. [http://www.imf.org/external/np/ms/2015/051215.htm]. Klix.ba. 2015. “RS wants increase of VAT, IMF and FBIH against”. 11 July. [http://www.klix.ba/vijesti/bih/potvrdjeno-rs-trazi-povecanje-pdv-a-mmf-i-fbih-protiv/150710101] National Assembly of Republic of Srpska. 2005. “Law on Insurance Companies of the Republic of Srpska”. January. [http://www.azors.rs.ba/ azors/zakoni/zakon_drustva.pdf] National Assembly of Republic of Srpska. 2006. “Law on Microcredit Organisation of Republic of Srpska”. June. [http://www.abrs.ba/propisi/ zakoni/Zakon_o_MKO.pdf]. National Assembly of Republic of Srpska. 2013. “Law on Banks of Republic of Srpska”. 27 June. [http://www.abrs.ba/propisi/zakoni/Zakon_o_ bankama.pdf]. Management Board of the Banking Agency of Republic of Srpska. 2006a. “Decision on the control and supervision of microcredit organisations”. 29 December. [http://www.abrs.ba/propisi/propisimko/OdlukaOKontroliMKO.pdf]. Management Board of the Banking Agency of Republic of Srpska. 2006b. “Decision on the Form and Content of Reports that the Microcredit Organization Submit to the Banking Agency of Republic of Srpska”. 29 December. [http://www.abrs.ba/propisi/propisimko/ OdlukaOblikISadrzajMKO.pdf]. Management Board of the Banking Agency Of Republic of Srpska. 2006c. “Decision on the Amount and Formation and Maintenance of Reserves for Coverage of Credit Losses of Microcredit Organizations”. 29 December. [http://www.abrs.ba/propisi/propisimko/ OdlukaVisinaRezerviZaMKO.pdf]. Ministry of Finance, Federation of Bosnia and Herzegovina. 2013. “Rules on Internal Organization of the Federal Ministry of Finance”. January. [http://www.fmf.gov.ba/publikacije/Unutrasnja%20organizacija%20i%20djelokrug%20organizacionih%20jedinica.pdf]. Ministry of Finance Republic of Srpska. 2015. “Department for Financial systems”. [http://www.vladars.net/sr-SP-Cyrl/Vlada/Ministarstva/mf/ OM/resori/finansijski/Pages/Splash.aspx]. National Assembly of Republic of Srpska. 2010. “Law on postal services of Republic of Srpska”. 16 March. [http://www.postesrpske.com/sites/ media/Poste/ZAKON_lat.pdf]. Oslobodjenje. 2015. “Reports on protests of Unions and workers about new Law on Labour”. 30 July. [http://www.oslobodjenje.ba/vijesti/bih/uzivo-protesti-radnika-ispred-parlamenta-fbih-postavljena-zastitna-ograda-ocekuje-se-dolazaksindikalista]. SeeBiz. 2015. “The House of Peoples of the FBiH Parliament adopted the Law on Labour”. [http://www.seebiz.eu/dom-naroda-parlamenta-fbihusvojio-zakon-o-radu/ar-116687/]. World Bank. 2015. “Bosnia and Herzegovina - Financial sector assessment”. Financial sector assessment program, 1 June. [http://documents.worldbank.org/curated/en/2015/07/24782201/bosnia-herzegovina-financial-sector-assessment]. World Bank. 2015. “Bosnia and Herzegovina - Financial sector assessment program: Financial Inclusion Technical Note”. Financial Sector Assessment Program 1 June. [http://documents.worldbank.org/curated/en/2015/07/24815090/bosnia-herzegovina-financial-sectorassessment-program-financial-inclusion-technical-note]. World Bank. 2015. The Little Data Book on Financial Inclusion. Washington, DC: World Bank. [https://openknowledge.worldbank.org/ bitstream/handle/10986/21636/9781464805523.pdf?sequence=3].

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Brazil Interviews Bagio, Isabel. President. Banco Família. 16 July 2015. Ern, Rodolfo. Superintendent for Institutional Relations. Bradesco Seguros Group. 20 July 2015. Lafetá, Danniel. Deputy Head of the Impact Assessment Division and Financial Inclusion. Banco Central do Brasil. 20 July 2015. Moreno, Eli. Consultant. 9 July 2015.

References BCB (Banco Central do Brasil). 2009. “Resolução 3.694”. 26 March. [http://www.bcb.gov.br/pre/normativos/res/2001/pdf/res_2878_v4_P. pdf]. July 2015. BCB. 2014a. “Circular 3.730”. 8 November. [http://www.bcb.gov.br/pre/normativos/busca/normativo.asp?tipo=Circ&ano=2014&nume ro=3730]. July 2015. BCB. 2014b. “Circular 2.729”. 17 November. [http://www.bcb.gov.br/pre/normativos/busca/normativo.asp?tipo=circ&ano=2014&nume ro=3729]. July 2015. BCB. 2014c. “Limite de Saldos para Contas Simplificadas é Elevada para R$3 mil”. 18 November. [http://www.bcb.gov.br/pt-br/Paginas/limitepara-saldo-mensal-de-contas-simplificadas-e-elevado-para-tres-mil-18-11-2014.aspx]. July 2015. BCB. 2014d. “Parceria Nacional para Inclusão Financeira: Plano de Ação para Fortalecimento do Ambiente Institucional, Relatorio 2012-2014”. November. [http://inclusaofinanceira.bcb.gov.br/]. July 2015. BCB. 2014e. “FAQ-Custo Efetivo Total (CET)”. December. [http://www.bcb.gov.br/?CETFAQ]. July 2015. BCB. 2014f. “Juros e Spread Bancário (com informações ate março de 2014)”. [http://www4.bcb.gov.br/pec/gci/port/focus/FAQ%201-Juros%20e%20Spread%20Banc%C3%A1rio.pdf]. July 2015. BCB. 2014g. “Relatório da Ouvidoria. 2014”. [https://www.bcb.gov.br/pre/ouvidoria/pdf/relat_ouvid_2014.pdf]. July 2015. BCB. 2015a. “Arranjos e Instituições de Pagamento - FAQ”. March. [http://www.bcb.gov.br/pre/bc_atende/port/arranjo.asp#4]. July. 2015. BCB. 2015b. “Atualização Sisorf, No. 95”. 7 April. [http://www4.bcb.gov.br/manuais/sisorf/externo/Manual/04%20IF%20-%20 exceto%20coop%20cr%C3%A9dito/04-03%20Constitui%C3%A7%C3%A3o%20e%20autoriza%C3%A7%C3%A3o%20para%20 funcionamento/04-03-030%20Disposi%C3%A7%C3%B5es%20espec%C3%ADficas/04-03-030-150%20Capital%20m%C3%ADnimo.htm]. July 2015. BCB. 2015c. “FAQ - Correspondentes no País”. May. [http://www.bcb.gov.br/?CORRESPONDENTESFAQ,]. July 2015. BCB. 2015. “Ranking de Instituições por Indice de Reclamações”. June. [http://www.bcb.gov.br/?RANKING]. July 2015. BCB. 2015d. “Cooperativismo de Crédito”. [http://www.bcb.gov.br/?GOVCOOP]. July 2015. BCB. 2015e. “Dados do Microcrédito”. [https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#]. July 2015. BCB. 2015f. “FAQ - Fundo Garantidor de Credito”. [http://www.bcb.gov.br/?RED-FGCFAQ]. July 2015. BCB. 2015g. “FAQ: Sistema de Informações de Crédito (SCR)”. [http://www.bcb.gov.br/pre/bc_atende/port/scr.asp#8]. July 2015. BCB. 2015h. “Organograma”. [http://www.bcb.gov.br/?ORGANOGRAMA]. July 2015. BCB. 2015i. “Pesquisa Qualitativa Sobre o Processo de Endividamento”. [http://www.bcb.gov.br/pec/appron/apres/Pesquisa_Endividamento. pdf]. July 2015. BCB. 2015j. “Perguntas Frequentes”. [http://www.bcb.gov.br/?RED-FGCOOPFAQ]. July 2015. BCB. 2015k. “Regulação Prudêncial”. [http://www.bcb.gov.br/?REGPRUDENCIAL]. July 2015. BCB. 2015l. “Relacionamento com o Sistema Financeiro Nacional”. [https://cidadaniafinanceira.bcb.gov.br/relacionamento-com-o-sfn]. July 2015. BCB. 2015m. “Remuneração dos Depósitos de Poupança”. [http://www4.bcb.gov.br/pec/poupanca/poupanca.asp]. July 2015. BCB. 2015n. “Tarifas Bancárias”. [http://www.bcb.gov.br/?TARBANDADOS]. July 2015. BCB. 2015o. “Taxas de Juros de Operações de Crédito”. [http://www.bcb.gov.br/pt-br/sfn/infopban/txcred/txjuros/Paginas/default.aspx]. July 2015. Bloomberg. 2013. “Roussef Said to Oppose Central Bank Independence”. 28 October. [http://www.bloomberg.com/news/articles/2013-10-28/ brazil-central-bank-independence-said-to-be-opposed-by-rousseff]. July 2015. Braga, Políbio. 2015. “Governo Dilma Suspende Incentivo ao Microcrédito”. Site do jornalista Políbio Braga, 23 March. [http://polibiobraga.blogspot.com/2015/03/governo-dilma-suspende-incentivo.html]. July 2015. Confederação Nacional de Dirigentes Lojistas. 2015. [http://www.cndl.org.br/]. July 2015.

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Cruz, Anderson. 2014. “Pagamento Digital: Como Escolher o Sistema de Pagamento do Seu E-Commerce”. E-CommerceBrasil, 25 July. [https:// www.ecommercebrasil.com.br/artigos/pagamento-digital-como-escolher-o-sistema-de-pagamento-seu-e-commerce/]. July 2015. Economist. 2014. “The President and the Pretenders”. 10 May. [http://www.economist.com/news/americas/21601828-dilma-rousseffs-rivalsare-gaining-ground-president-and-pretenders]. July 2015. EIU (Economist Intelligence Unit). 2015. “Country Risk Service: Brazil”. May 2015. EIU. 2015. “Industry Report: Financial Services, Brazil”. May 2015. Estadão. 2015. “Endividamento das Familias E’ a Maior em 10 Anos, Diz Banco Central”. 15 June. [http://economia.estadao.com.br/noticias/ geral,endividamento-das-familias-brasileiras-e-o-maior-em-10-anos--diz-bc,1706608]. July 2015. Instituto Brasileiro de Defesa do Consumidor. 2015. [http://www.idec.org.br/]. July 2015. Instituto Brasileiro de Geografia e Estastística. 2015. “Indice de Preços ao Consumidor”. June. [http://www.ibge.gov.br/home/estatistica/ indicadores/precos/inpc_ipca/ipca-inpc_201506_1.shtm]. July 2015. Jornal Nacional. 2015. “Governo Suspenda Programa de Crédito”. 27 February. [http://g1.globo.com/jornalnacional/noticia/2015/02/governo-suspende-programa-de-credito-do-minha-casa-minha-vida.html]. July 2015. Leech, Jeremy, A. Menon, and S. Ncube. 2014. “Achieving Scale and Efficiency in Microinsurance through Retail and Banking Correspondents”. International Labour Organization, Working Paper #37, December. McCord, Michael J., M. Ingram, and C. Tatin-Jaleran. 2013. “The Landscape of Microinsurance in Latin America and the Caribbean”. Multilateral Investment Fund. [http://www.fomin.org/home/knowledge/developmentdata/microinsurance.aspx]. July 2015. Ministério da Fazenda. 2013. “Resolução 279”. Conselho Nacional de Seguros Privados, 30 January. [http://www2.susep.gov.br/bibliotecaweb/ docOriginal.aspx?tipo=1&codigo=30624]. July 2015. Ministerio da Justiça. 2015. “Cidadania”. [http://portal.mj.gov.br/oscip/]. July 2015. MIX Market. 2015. “Brazil Market Profile”. [http://mixmarket.org/mfi/country/Brazil]. July 2015. MTE (Ministério do Trabalho e Emprego). 2007. “Manual do Plano de Contas Contábil para OSCIPs de Microcrédito. 2007”. [http://portal.mte. gov.br/data/files/FF8080812B62D40E012B6E1EFDFB02D3/manual_plano_contas_OSCIPs_micro_final.pdf]. July 2015. MTE. 2015. “Esclareça as Dúvidas”. Programa Nacional de Microcrédito Produtivo Orientado (PNMPO). [http://portal.mte.gov.br/pnmpo/ esclareca-suas-duvidas.htm#pnmpo]. July 2015. Plano Contábil das Instituições do Sistema Financeiro Nacional (COSIF). 2015. “Portal de contabilidade”. [http://www.cosif.com.br/mostra. asp?arquivo=mni010401]. July 2015. Portal do Empreendor. 2015. “Brasil Comemora Marca de 5 Milhoes de MEIS”. 17 June [http://www.portaldoempreendedor.gov.br/noticias/ noticias-do-portal/brasil-comemora-marca-de-5-milhoes-de-meis]. July 2015. Reuters. 2015. “Brazil Raises BNDES Lending Rate for Second Time”. 26 March. [http://www.reuters.com/article/2015/03/26/brazil-bndesrates-idUSL2N0WS2EH20150326]. July 2015. Serasa Experian. 2015. “Protestos”. [http://www.serasaconsumidor.com.br/servicos/protestos/]. SUSEP (Superintendência dos Seguros Privados). 2012. “Circular 440”. 27 June. [http://www2.susep.gov.br/bibliotecaweb/docOriginal. aspx?tipo=1&codigo=29611]. July 2015. SUSEP. 2014. “2o Relatório de Análise e Acompanhamento dos Mercados Supervisionados”. 28 November. [http://www.susep.gov.br/setoressusep/cgpro/relatorios-analise-acompanhamento/Relatorio_Mercados_Supervisionados02.pdf]. July 2015. SUSEP. 2015. “Microsseguros no Brasil”. [http://www.susep.gov.br/menu/informacoes-ao-publico/microsseguros-1]. July 2015. Valor Econômico. 2015. “Depois de um Ano e Meio, Cadastro Positivo Não Avança”. 26 January. [https://site.cadastropositivo.com.br/depoisde-um-ano-e-meio-cadastro-positivo-nao-avanca/]. July 2015. Walter Stuber Consultoria Jurídica. 2013. “The New Rules for Payment Insitutions and Payment Arrangements in Brazil”. 20 November. [http://www.mondaq.com/x/275958/Financial+Services/THE+NEW+RULES+FOR+PAYMENT+INSTITUTIONS+AND+PAYMENT+ARRANGEMENT S+IN+BRAZIL]. July 2015. World Bank. 2015. “Doing Business in Brazil: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/brazil#getting-credit]. July 2015.

14



Cambodia Interviews Borann, Kea. Chief Executive Officer. AMK – Agora Microfinance. 30 July 2015. Techkung, Ear. Project Manager. Cambodia Microfinance Association. 7 September 2015.

References Asian Development Bank (ADB). 2012. “Financial sector development strategy 2011–2020”. [http://adb.org/sites/default/files/pub/2012/ financial-sector-development-strategy-2011-2020.pdf]. July 2015. Becker, Stuart Alan. 2013. “FTB and Wing Partner to Bring Visa Cards to Masses”. The Phnom Penh Post. 31 May. [http://www.phnompenhpost. com/special-reports/ftb-and-wing-partner-bring-visa-cards-masses]. July 2015. Bomakara, Heng. 2014. “Experiences in Implementing Credit Bureau in Cambodia”. Presented at the BNM-AFI Access to Financial Services for the Micro, Small and Medium Enterprise (MSME) Programme, 14-17 October. [http://s3.amazonaws.com/media.guidebook.com/service/6Pern hFqMJQZHSmD4jWfVUBX38x9KNio/Session14_NBC.pdf]. August 2015. Credit Bureau of Cambodia. “Code of Conduct”. [https://www.creditbureaucambodia.com/about-us/code-of-conduct-.html]. International Monetary Fund (IMF). 2015. “IMF concludes 2015 Article IV consultation mission to Cambodia”. 3 June. [https://www.imf.org/external/np/sec/pr/2015/pr15317.htm]. July 2015. Lim, Ban. 2013. “Basel III Implementation: Challenges and Opportunities in Cambodia”. In JPR Karunaratne eds., “Basel III Implementation: Challenges and Opportunities”. Kuala Lumpur: The SEACEN Centre. Kimsay, Hor. 2014. “Deposits Rally After Election Outflow”. The Phnom Penh Post, 5 May. [http://www.phnompenhpost.com/business/depositsrally-after-election-outflows]. July 2015. Liv, Dannet. 2013. “Study on the Drivers of Over-indebtedness of Microfinance Borrowers in Cambodia: An In-depth Investigation of Saturated Areas”. 1 March. [http://www.microfinancegateway.org/library/study-drivers-over-indebtedness-microfinance-borrowers-cambodiadepth-investigation]. July 2015. Morton, Eddie. 2014. “After Delay, Wing Offers Pre-paid Visa Cards”. The Phnom Penh Post, 18 February. [http://www.phnompenhpost.com/ business/after-delay-wing-offers-pre-paid-visa-cards]. July 2015. NCB (National Bank of Cambodia). 1996. “Law on the Organisation and Conduct of the National Bank of Cambodia”. 26 January. [http:// www.nbc.org.kh/download_files/legislation/laws_eng/96061-Law-on-the-Organization-and-Conduct-of-the-National-Bank-ofCambodia-1996.pdf]. August 2015. NCB. 2002a. “Prakas on Registration and Licensing of Microfinance Institutions”. 25 February. [http://www.nbc.org.kh/download_files/legislation/prakas_eng/8621B7-02-49.pdf]. NCB. 2002b. “Prakas on Reporting Requirement for Registered NGOs and Licensed Microfinance Institutions”. 25 February. [http://www.nbc.org.kh/download_files/legislation/prakas_eng/7292B7-02-47.pdf]. NCB. 2006. “Prakas on the Utilization and Protection of Credit Information”. 10 May. [http://www.nbc.org.kh/download_files/legislation/ prakas_eng/35.pdf]. NCB. 2007. “Prakas on Licensing of Microfinance Deposit Taking Institutions”. 13 December. [http://www.nbc.org.kh/download_files/news_ and_events/press_eng/33.pdf]. NCB. 2010. “Prakas on Third-Party Processors”. 25 August. [http://www.nbc.org.kh/download_files/news_and_events/press_eng/47.pdf]. NCB. 2011. “Parakas on Transparency in Granting Credit Facilities of Banks and Financial Institutions”. 27 December. [http://www.nbc.org.kh/ download_files/supervision/press_eng/B7-011-243brk_ENG.pdf]. NCB. 2014. “2014 Annual Report”. General Directorate of Banking Supervision, 31 December. [http://www.nbc.org.kh/download_files/ supervision/sup_an_rep_eng/Annual-EN_OK.pdf]. July 2015. NCB. 2015. “Economic and Monetary Statistics”. 1 February. [http://www.nbc.org.kh/download_files/publication/eco_mon_sta_eng/ MonetaryStatisticsFebruary2015_256_ENG.pdf]. July 2015. Phnom Penh Post. 2007. “Insurance for Bank Deposit Now Available”. 9 March. [http://www.phnompenhpost.com/national/insurance-bankdeposits-now-available]. July 2015. Ramm, Bagy, and M. Ankolekar. 2014. “Situating Microinsurance in Social Protection: Lessons from six countries”. The Microinsurance Network. [http://www.microinsurancenetwork.org/sites/default/files/SituatingMicroinsuranceinSocialProtection.pdf]. August 2015. Royal Government of Cambodia. 2003. “Law on the Amendment to the Law on Investment of the Kingdom of Cambodia”. 24 March. Royal Government of Cambodia. 2005. “Sub-Decree on the Implementation to the Law on Investment of the Kingdom of Cambodia”. 27 September. [http://www.cambodiainvestment.gov.kh/content/uploads/2011/10/Sub-Decree-111-on-Implementation-LOI_050927.pdf]. Spooner, Guy. 2013. “Cambodian National Arbitration Centre”. Norton Rose Fullbright, 1 June. [http://www.nortonrosefulbright.com/ knowledge/publications/99939/cambodian-national-arbitration-centre]. July 2015.

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Tarazi, Michael, and Paul Breloff. 2010. “Nonbank E-Money Issuers: Regulatory Approaches to Protecting Customer Funds”. Focus Note 63, Consultative Group to Assist the Poor (CGAP), July. Vada, Kim. 2015. “Opening Statement”. Remarks at the Experience Sharing Session on Regulation and Supervision of Microfinance in Cambodia, 3-5 June. [http://www.nbc.org.kh/download_files/news_and_events/speeches_eng/Speech_H.E.Kim_Vada.pdf]. July 2015. World Bank. 2014. “Doing Business: Getting Credit”. 1 June. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. August 2015. World Health Organisation. 2003. “Social Health Insurance in Cambodia: Proposal for a Master Plan”.

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Cameroon Interviews Nyandjou, Nicanor. Association of Micro Credit Financial Institutions of Cameroon. 13 August 2015. Nfor, Simba. Sofina Credit Union. 13 August 2015. Angwafor, Mary. Azrire Cooperative Credit Union Douala. 21 August 2015. Sumo, Lucas. Compagnie Equatoriale pour l’Epargne et le Crédit d’investissement (COMECI). 21 August 2015. Dieudonne, Evo Mekou. Crédit Communautaire d’Afrique (CCA). 21 August 2015 Nkot, Fabian. Ministry of Economy and Finance. 21 August 2015.

References Agence de Crédit pour l’Entreprise Privée au Cameroun. 2014. “Rapport Général du Commissaire aux comptes”. 31 December. [http://www.mixmarket.org/sites/default/files/acep_cameroon_afs_14.pdf]. Banque Internationale du Cameroun pour l’Epargne et le Credit. 2015. Website. [http://www.bicec.com/]. Beehive Cameroon. “Conférence Interafricaine Des Marchés D’assurances En Abrège CIMA”. [http://cameroon.thebeehive.org/ content/609/1605]. August 2015. Communaute Economique et Monetaire de L’Afrique Centrale. 2012. “Réglement No 01/CEMAC/UMAC/CM Portant diverses dispositions relatives au taux effectif global et a la publication des conditions du banque”. 2 October. [http://www.cemac.int/sites/default/files/documents/ files/REG01UMAC_2012.pdf]. Conférence Interafricaine sur les Marchés de l’Assurance. 2012. “Reglement 0003/CIMA/PCMA/PCE/2012”. April. [http://www. microfinancegateway.org/sites/default/files/mfg-fr-publications-diverses-reglementation-microassurance-dans-etats-membrescima-04-2012.pdf]. Conseil Nationale du Credit. 2013. “Décision 11 du 23 janvier 2013 portant création, organisation et fonctionnement du Fichier Bancaire National des entreprises (FIBANE).” [https://www.nationalcouncilofcredit.cm/images/tele/Decisions/d%C3%A9cision_10_du_23-012013.pdf]. Credit Communautaire De L’Afrique. 2015. “Free Savings Account”. [http://www.cca-cameroon.com/en/2014-01-30-00-18-15/free-savingsaccount]. Revue De L’ERSUMA. 2013. “Doctrine - Revue De L’ERSUMA :: Droit Des Affaires - Pratique Professionnelle”. OHADA, September. [http://revue.ersuma.org/no-3-septembre-2013/doctrine-25/]. August 2015 Felix, Bate, and Daniel Flynn. 2015. “Cameroon Q1 Consumer Inflation Rises 2.8 Percent Yr-on-yr”. Reuters, June. [http://www.reuters.com/ article/2015/06/05/cameroon-inflation-idUSL5N0YR3HK20150605]. August 2015. IMF (International Monetary Fund). 2014a. “Cameroon: Selected Issues”. IMF Country Report No. 14/213, 13 June. [https://www.imf.org/external/pubs/ft/scr/2014/cr14213.pdf]. IMF. 2014b. “Central African Economic and Monetary Community (CEMAC): Selected Issues”. IMF Country Report No. 14/305, 11 July. [https://www.imf.org/external/pubs/ft/scr/2014/cr14305.pdf]. Investir Au Cameroun. 2015. “Cameroun: la Cobac dénonce la surfacturation des commissions sur les transferts d’argent dans le secteur de la microfinance”. 8 July. [http://www.investiraucameroun.com/finance/0807-6525-cameroun-la-cobac-denonce-la-surfacturation-descommissions-sur-les-transferts-d-argent-dans-le-secteur-de-la-microfinance]. August 2015. Journal de Bangui. 2015. “La BEAC Baisse Son Taux Directeur Dans La Cemac”. 14 July. [http://www.journaldebangui.com/article. php?aid=8335]. August 2015. Mayegle, François-Xavier. 2014. “OHADAiaccounting system and Harmonization of Accounting Practice in Francophone Sub-Saharan Africa”. International Journal of Business and Social Science. Vol. 5, No. 10; September. Menye, Essimi. 2011. “Le Service Bancaire Minimum Garanti”. Atangana Emeran. Ministre Des Finances, 14 July. [http://atangana-etemeemeran.com/spip.php?article4439]. August 2015. MTN Cameroon. 2014. Website. [http://www.mtncameroon.net]. Memoire Online. 2009. “L’octroi Des Micro- Crédits à La MUCECO (Mutuelle Coopérative D’Epargne Et De Crédit Communautaire ) Au Cameroun”. [http://www.memoireonline.com/10/13/7579/m_L-octroi-des-micro-credits--la-MUCECO--Mutuelle-Cooperative-dEpargne-et-de-CreditCommunau7.html]. August 2015. OHADA Legis. 2010. “The Uniform Acts in Brief”. OHADA Business Law. [http://www.ohadalegis.com/anglais/regltionohadagb.htm]. August 2015. Orange Cameroon. 2015. Website. [http://www.orange.cm]. OHADA (L’Organisation pour l’Harmonisation en Afrique du Droit des Affaires). 2013. “Proposition de convergence du référentiel comptable OHADA vers les normes IFRS”. May.

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OHADA. 2014. “SYSCOA Révisé Ou Système Comptable OHADA (SYSCOHADA): Quel Référentiel Appliquer?”. 5 July. [http://www.ohada.com/ actualite/2238/syscoa-revise-ou-systeme-comptable-ohada-syscohada-quel-referentiel-appliquer.html]. August 2015. OHADA. “Annee Chapitre 1: Plan des Comptes”. Journal Officiel No. 10 – 4 eme. [http://www.droit-afrique.com/images/textes/Ohada/ Ohada%20-%20Acte%20uniforme%202000%20(Plan%20des%20comptes).pdf]. August 2015. Réglementation De La Microfinance. “Réglementation De La Microfinance”. Banque Des Etats De L’Afrique Centrale. August 2015. S., and Dossier. 2011. “Etude Sur La Microassurance Dans La Zone CIMA”. Desjardins - Développement International. June. [http://www.did.qc.ca/media/documents/fr/notre-expertise/CIMA.pdf]. August 2015. Societe Generale Cameroun. 2015. Website. [http://www.societegenerale.cm/]. World Bank. 2003. “Inter-African Conference on insurance Markets (CIMA)”. [http://info.worldbank.org/etools/docs/library/157491/ contractual2003/pdf/day2/ses1_moutassi.pdf]. August 2015. World Bank. 2014. “Doing Business 2015: Going Beyond Efficiency”. [http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/ Documents/Annual-Reports/English/DB15-Chapters/DB15-Report-Overview.pdf]. Tiwari, Deepak. 2015. Trestor Partners with Cameroon for New Currency. Bitcoinistnet, 21 June. UN Capital Development Fund and European Investment Bank. 2014. “Digital Financial Services in Africa: Beyond the Kenyan Success Story”. 18 December. [http://www.eib.org/infocentre/publications/all/digital-financial-services-in-africa-beyond-the-kenyan-success-story.htm].

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Chile Interviews Coloma, Pablo. Presidente. Red para el Desarrollo de las Microfinanzas en Chile. 29 July 2015. Errázuriz, Enrique. Jefe de Estudios de la Gerencia de Planificación y Control de Gestión. Banco Estado. 1 September 2015. Pavon, Mario. Gerente general. Fondo Esperanza. 15 September 2015.

References Alcazar, Diego, S. Gallo, and E. Santibáñez. 2014. “Banco del Estado de Chile”. Fitch Ratings, 10 April. [http://www.corporativo.bancoestado.cl/ docs/default-source/documentos/fitch-april-2014.pdf]. July 2015. Alarcón, Flores, Morales and Yánez. 2008. “Instrumentos de Pago de Bajo Valor en Chile: Evolución y Tendencias”. Serie Técnica de Estudios – N° 012. Superintendencia de Bancos e Instituciones FInancieras (SBIF), Santiago, Chile. AFI (Alliance for Financial Inclusion). 2013. “A Timeline of Achievement”. [http://www.afi-global.org/sites/default/files/publications/fisplg-timeline-achievement.pdf]. July 2015. AFI. 2015a. “Policymakers emphasize financial inclusion as key to inclusive, sustainable growth in emerging nations”. January 8. [http://www. afi-global.org/news/2015/1/08/policymakers-emphasize-financial-inclusion-key-inclusive-sustainable-growth-emerging]. July 2015. AFI. 2015b. “AFI Member Institutions”. [http://www.afi-global.org/afi-network/members?field_member_title_computed_value=&field_ membertype_tid=All&field_membercountry_tid=41]. August 2015. Aravena, Lucy. 2013. “SBIF anuncia Ley Corta para elevar exigencia de capital a entidades financieras”. La Tercera, March 27. [http://www. latercera.com/noticia/negocios/2013/03/655-515917-9-sbif-anuncia-ley-corta-para-elevar-exigencia-de-capital-a-entidadesfinancieras.shtml]. July 2015. Asociación de Bancos. 2015. “Seminario Basilea III: Desafios para el Chile”. April 7. [http://www.abif.cl/seminario-basilea-iii-desafios-parachile/]. July 2015. Bancafacil. “Simulador: ¿Cuánto necesito ahorrar para reunir un monto?”. Superintendencia de Bancos e Instituciones Financieras. [http://www.bancafacil.cl/bancafacil/servlet/Contenido?indice=1.2&idPublicacion=3000000000000081&idCategoria=10]. July 2015. Banco Central de Chile. 2014. “Emisión y operación de tarjetas de pago con provision de fondos”. Acuerdo N° 1870-05-141204, 9 December. Banco Central de Chile. “Base de Datos Estatísticos”. [http://si3.bcentral.cl/Siete/secure/cuadros/home.aspx]. July 2015. Banco de Chile. 2011. “Tasas y comisiones”. [https://ww3.bancochile.cl/wps/wcm/connect/personas/portal/ayuda/tasascomisionesbchile]. July 2015. Banco Estado. 2013. “Cuenta RUT: requisitos”. [http://www.bancoestado.cl/88F6102DD50B49CCA890EA5D1C709D18/2AFFC3F2549E4562892E AB3C053AD23C/articulo/37763.asp]. July 2015. Bergoeing-Vela, Raphael. 2013. “Banca Corresponsal: Reflexiones crititcas desde el outlier”. Superintendencia de Bancos e Instituciones Financieras (SBIF), Mesa Redonda: Banca Corresponsal y Cuentas Simplificadas, Washington, DC. Cáceres, Erick. 2013. “Presupuesto 2014 recorta platas para principales organismos fiscalizadores”. La Segunda Online, October 9. [http://www. lasegunda.com/Noticias/Nacional/2013/10/884467/presupuesto-2014-recorta-platas-para-principales-organismos-fiscalizadores]. July 2015. Cádiz, P. 2015. “Superintendente de Bancos descarta irregularidades en crédito a empresa de nuera de Bachelet”. La Tercera, 12 February. [http://www.latercera.com/noticia/politica/2015/02/674-616642-9-superintendencia-de-bancos-descarta-irregularidades-en-creditode-banco-de-chile.shtml]. August 2015. Cliente Bancario. “Como hacer reclamos”. Superintendencia de Bancos e Instituciones Financieras. [http://www.clientebancario.cl/clientebancario/como-hacer-reclamos.html]. July 2015. CNN Chile. 2015. “Alza en endeudamiento de los hogares alcanzó niveles máximos en 2014”. 24 April. [http://www.cnnchile.com/ noticia/2015/04/24/alza-en-endeudamiento-de-los-hogares-alcanzo-niveles-maximos-en-2014]. July 2015. Cooperativa.cl. 2014. “Estudio alerta sobre el endeudamiento de los adultos mayores en Chile”. 20 August. [http://www.cooperativa. cl/noticias/economia/consumidores/endeudamiento/estudio-alerta-sobre-el-endeudamiento-de-los-adultos-mayores-enchile/2014-08-20/135243.html]. July 2015. Corvalán, M. 2014”.El microcrédito crece en Chile, pero no cubre la demanda”. La Tercera, 5 October. [http://diario.latercera. com/2014/05/10/01/contenido/negocios/10-164112-9-el-microcredito-crece-en-chile-pero-no-cubre-la-demanda.shtml]. July 2015. Economist Intelligence Unit (EIU). 2015. “Chile: In Brief”. [http://country.eiu.com/chile]. July 2015. El Mostrador. 2015. “Caso Caval: Ejecutivo del Banco de Chile testifica que ‘en mis 16 años de experiencia primera vez que veo la concesión de un crédito de éstas características”. 4 August. [http://www.elmostrador.cl/noticias/pais/2015/08/04/caso-caval-ejecutivo-del-banco-dechile-testifica-que-en-mis-16-anos-de-experiencia-primera-vez-que-veo-la-concesion-de-un-credito-de-estas-caracteristicas/]. August 2015. Equifax. “Derechos de los Consumidores”. [https://www.dicom.cl/efx/hcl.01/pag/p.efx.hcl.div-derechos_consumidores_3.html]. July 2015.

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Foreign Investor Committee . 2012. “Foreign Investor Guide in Chile”. [http://www.ciechile.gob.cl/wp-content/uploads/2010/10/Foreign_ Investors_Guide_in_Chile.pdf]. July 2015. Global Rates. “Inflation Chile - consumer price index”. [http://www.global-rates.com/economic-indicators/inflation/consumer-prices/cpi/ chile.aspx]. July 2015. Goodwin-Groen, Ruth. 2002. “Making Sense of Microcredit Interest Rates”. Consultative Group to Assist the Poor (CGAP), 1 September. [http://www.cgap.org/publications/making-sense-microcredit-interest-rates]. International Financial Reporting Standards Foundation (IFRS). “Jurisdiction Profiles”. [http://www.ifrs.org/Use-around-the-world/Pages/ Jurisdiction-profiles.aspx]. July 2015. La Tercera. 2013. “Proyecto de ley en Chile permite entidades bancarias emitir medios de prepago”. M2 Commerce Latam, December 9. [http://noticias.mobilemoneylatam.com/2013/12/09/proyecto-de-ley-en-chile-permite-entidades-bancarias-emitir-medios-deprepago]. July 2015. Mazer, Rafe, and Sergio Navajas. 2012. “Consumer Lending and Overindebtedness in Latin America”. Consultative Group to Assist the Poor (CGAP), 24 September. [http://www.cgap.org/blog/consumer-lending-and-overindebtedness-latin-america]. July 2015. McCord, Michael, Molly Ingram, and Clemence Tatin-Jaleran. 2012. “The Landscape of Microinsurance in Latin America and the Caribbean: A Briefing Note”. Microinsurance Centre. [http://www.microinsurancecentre.org/resources/documents/market-development/thelandscape-of-microinsurance-in-latin-america-and-the-caribbean-a-briefing-note.html]. Ministerio da Hacienda. 1988. “Crea el rol unico tributario y estabelece normas para su aplicación”. Biblioteca del Congreso Nacional de Chile (BCN), 1 January. [http://www.leychile.cl/Navegar?idNorma=3559#RUT0]. July 2015. Ministerio de Desarrollo Social. 2013. “Observatorio social: descripción y objectivos”. [http://observatorio.ministeriodesarrollosocial.gob.cl/ casen/casen_obj.php]. July 2015. Ministerio de Desarrollo Social. “Financial Inclusion Strategy in Chile”. [http://www.ipc-undp.org/conference/south-south-learning-event/ presentations/Benjamin%20Almarza.pdf]. July 2015. Ministerio de Economía, Fomento y Turismo. 2011. “Ley no. 20555: Modifica Ley No. 19496, sobre protección de los derechos de los consumidores, para dotar atribuiciones en materias financieras, entre otras, al servicio nacional del consumidor”. Biblioteca del Congreso Nacional de Chile (BCN), 5 December. [http://www.leychile.cl/Navegar?idNorma=1032865]. August 2015. MInisterio de Economía, Fomento y Turismo. 2012. “Ley no. 20.575: estabelece el principio de finalidad en el tratamiento de datos personales”. Subsecretaría de Economía y Empresas de Menor Tamaño, 17 February. [http://www.leychile.cl/Navegar?idNorma=1037366]. July 2015. Ministerio de Economía, Fomento y Turismo. 2014a. “Mediadores y arbitros financieros”. SERNAC, 14 June. [http://www.sernac.cl/proteccional-consumidor/consumidor-financiero/mediadores-y-arbitros-financieros/]. August 2015. Ministerio de Economía, Fomento y Turismo. 2014b. “Protección del Consumidor ; Ley no. 19.496”. Biblioteca del Congreso Nacional de Chile (BCN), 10 October. [http://www.leychile.cl/Navegar?idNorma=61438]. July 2015. Ministerio de Economia, Fomento y Turismo. 2015. “Ord. No. 001277: Envía información Glosa No. 06 y 08, Partida 07, Capítulo 02, Programa 01”. Senado. 28 January. [http://www.senado.cl/site/presupuesto/2015/cumplimiento/Glosas%202015/primera_subcomision/07%20 Econom%C3%ADa%202015/ORD.%20N°%201277_Sernac_28%20ene%202015_Glosas%2006%20y%2008.pdf]. August 2015. Ministerio de Hacienda. 1981 “Ley 18010: Estabelece Normas para las operationes de credito y otras obligaciones de dinero que indica”. Biblioteca del Congreso Nacional de Chile (BCN). 27 June. [http://www.leychile.cl/Navegar?idNorma=29438]. July 2015. Ministerio de Hacienda. 2013. “Ley 20715: sobre protección a deudores de créditos en dinero”. Biblioteca del Congreso Nacional de Chile (BCN), 13 December. [http://www.leychile.cl/Navegar?idNorma=1057087]. August 2015. Ministerio de Hacienda. 2014. “Ministros de Hacienda y de Desarrollo Social anunciaron creación del Consejo Nacional de Inclusión Financiera”. March 17. [http://www.hacienda.cl/sala-de-prensa/noticias/historico/ministros-de-hacienda-y-de-desarrollo.html]. July 2015. OECD (Organisation for Economic Co-operation and Development). 2011. “Chile: a Review of the Financial System”. October. [http://www.oecd.org/finance/financial-markets/49497488.pdf]. July 2015. OECD. 2015. “Chile - Economic forecast summary”. June. [http://www.oecd.org/economy/chile-economic-forecast-summary.htm]. July 2015. Palacios, J. 2014. “Gobierno anuncia creacion del consejo nacional de inclusion financiera”. Latercera, 7 March. [http://www.latercera.com/ noticia/negocios/2014/03/655-568469-9-gobierno-anuncia-creacion-del-consejo-nacional-de-inclusion-financiera.shtml]. July 2015. Red de Microfinanzas. “Inicio”. [http://www.redmicrofinanzas.cl/web/?page_id=5]. July 2015. Republic of Chile. 2012. “Ley no. 19.628: derecho a la privacidad”. Biblioteca del Congreso Nacional de Chile (BCN), 7 February. [http://www.leychile.cl/Navegar?idNorma=141599]. July 2015. Republic of Chile. 2013. “Inclusión Financiera y Medios de Pago Electrónicos”. April. [http://www.economia.gob.cl/wp-content/ uploads/2014/04/Informe-Inclusi%C3%B3n-Financiera-y-Medios-de-Pago-Electr%C3%B3nicos.pdf]. July 2015. Ruiz-Tagle, Jaime, Leidy García, and Álvaro Miranda. 2013. “Proceso de Endeudamiento y Sobre Endeudamiento de los Hogares en Chile”. Banco Central de Chile, Documento de Trabajo, No. 703, Santiago, Chile. Schilling, Daniel. 2010. “Superintendencia de Bancos: urgente independencia política”. Elmostrador, 15 December. [http://www.elmostrador.cl/noticias/opinion/2010/12/15/superintendencia-de-bancos-urgente-independencia-politica/]. July 2015. SERNAC. (Servicio Nacional del Consumidor) 2015a. “¿Qué hacemos en el Sernac?”. [http://www.sernac.cl/acerca/]. July 2015. SERNAC. 2015b. “Series de Datos Economicos”. [http://www.sernac.cl/category/estudios/series-de-datos-economicos/]. July 2015.

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SBIF (Superintendencia de Bancos e Instituciones Financieras). 2007. “Revised Text of the General Banking Act”. June. [http://www.sbif.cl/sbifweb/internet/archivos/ley_1102.pdf]. July 2015. SBIF. 2010. “Antecedentes y Requisitos de Cooperativas”. 21 October. [http://www.sbif.cl/sbifweb3/internet/archivos/ley_1219.pdf]. July 2015. SBIF. 2013. “Garantía Estatal y Preferencias para los Depósitos y Captaciones”. 1 October. [http://www.sbif.cl/sbifweb/servlet/ConozcaSBIF?ind ice=7.5.1.1&idContenido=482]. July 2015. SBIF. 2014. “Informe de Deudas: Ahora es más fácil acceder a su información financiera”. Clientebancario.cl, 4 March. [http://www. clientebancario.cl/clientebancario/sbif-informa-convenio-ChileAtiende.html]. July 2015. SBIF. 2015a. “Tasa de Interés Corriente y Máxima Convencional”. 30 May. [http://www.sbif.cl/sbifweb/servlet/InfoFinanciera?indice=4.2.1&FE CHA=30/5/2015]. July 2015. SBIF. 2015b. “Cliente Bancario: Creditos de consumo”. [http://www.clientebancario.cl/clientebancario/creditos-consumo.html]. July 2015. SBIF. 2015c. “Estados Financieros”. [http://www.sbif.cl/sbifweb/servlet/InfoFinanciera?indice=4.1&idCategoria=550&tipocont=0]. July 2015. SBIF. 2015d. “Información Financiera”. [http://www.sbif.cl/sbifweb/servlet/InfoFinanciera?indice=4.0]. July 2015. SBIF. 2015e. “Información de Solvencia”. [http://www.sbif.cl/sbifweb/servlet/Portada?indice=0.0]. July 2015. SBIF. 2015f. “Listado de Leyes”. [https://www.sbif.cl/sbifweb/servlet/LeyNorma?indice=3.2.1&idCategoria=5]. July 2015. SBIF. “Procesamento Externo de Actividades”. [http://www.sbif.cl/sbifweb3/internet/archivos/publicacion_6593.pdf]. July 2015. SBIF. “Recopilacion Actualizada de Normas (RAN)”. [http://www.sbif.cl/sbifweb/servlet/LeyNorma?indice=3.1.2&LNAN=1]. July 2015. Superintendencia de Pensiones. 2015. “Comité de Superintendentes realiza balance 2014 y establece prioridades para el año”. 17 March. [http://www.safp.cl/portal/prensa/579/w3-printer-10701.html]. July 2015. World Bank. 2007. “Credit and Loan Reporting Systems in Chile”. August. [http://www.whcri.org/PDF/report_chile.pdf]. July 2015. World Bank. 2015a. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/chile/~/media/giawb/ doing%20business/documents/profiles/country/CHL.pdf]. August 2015. World Bank. 2015b. “Global Financial Inclusion Database”. [http://databank.worldbank.org/data/reports.aspx?Report_Name=Allcountries&Id=1da0a653]. July 2015. Vega and et al. 2013. “Banca Corresponsal e Inclusión Financiera: Modelos de Negocio en América Latina”. BID, CAF, FOMIN. Mesa Redonda “Regulación e Inclusión Financiera: Banca Corresponsal y Cuentas Simplificadas”, Washington, DC. Viñals, Jose, and Nicolás Eyzaguirre. 2011. “Chile: Financial System Stability Assessment”. International Monetary Fund, Country Report No. 11/261, 9 August. [https://www.imf.org/external/pubs/ft/scr/2011/cr11261.pdf].

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China Interviews Helms, Joern. Bank of Taizhou. 17 July 2015 Hsu, Kai. Planet Finance. 15 July 2015 Huang, Lin, International Finance Corporation. 21 July 2014 Zhang,Sheng, Wokai (fomerly). 14 July 2015 Additional source wished to remain anonymous.

References Bank of China. 2015. “Services Page”. [http://www.boc.cn/pbservice/pb1/]. Bloomberg News. 2013. “China Removes Floor on Lending Rates as Economy Slows”. 19 July. [http://www.bloomberg.com/news/2013-07-19/ china-removes-floor-on-lending-rates-offered-by-nation-s-banks.html]. Bloomberg News. 2014. “China drafts deposit insurance in move to free interest rates”. 11 November. [http://www.bloomberg.com/news/ articles/2014-11-30/china-drafts-deposit-insurance-in-move-to-free-interest-rates] Bloomberg News. 2015a. “PBoC’s Zhou touts prudent policy in new normal of slower growth”. 12 March. [http://www.bloomberg.com/news/ articles/2015-03-12/pboc-s-zhou-touts-prudent-policy-in-new-normal-of-slower-growth]. Bloomberg News. 2015b. “Visa, Master Card Surge on China Move to End Card Monopoly”. 22 April. [http://www.bloomberg.com/news/ articles/2015-04-22/visa-mastercard-surge-on-china-move-to-end-bank-card-monopoly]. Bloomberg News. 2015c. “PBoC cites downward pressure on economy in Q&A after rate cuts”. 10 May. [http://www.bloomberg.com/news/ articles/2015-05-10/pboc-cites-downward-pressure-on-economy-in-q-a-after-rate-cuts]. Caixin. 2014 “A report from regulators: the imbalance of liability and assets of Chinese commercial banks”. 20 October. [http://finance.caixin.com/2014-10-20/100740208.html]. Central Committee of Chinese Communist Party. 2013. “Decision on Some Major Issues Concerning Comprehensively Deepening the Reform”. Xinhua Press, 15 November. [http://news.xinhuanet.com/politics/2013-11/15/c_118164235.htm]. CBRC (China Banking Regulatory Commission). 2003. “Measures on lending/credit activities from banking sectors”. August. [http://www.cbrc.gov.cn/chinese/home/docDOC_ReadView/263.html]. CBRC. 2007. “Measures on Management of Village and Township Banks”. January. [http://www.cbrc.gov.cn/chinese/home/docDOC_ReadView/ 20070129B3A3723DBDD5B764FF791DE6A05E4D00.html]. CBRC. 2012a. “Notifications on management of consumer protections and complaints”. March. [http://www.cbrc.gov.cn/chinese/home/ docDOC_ReadView/8E2E4413FB3747969B0DAAE5E97B050D.html]. CBRC. 2012b. “Measures on Capital Management of Commercial Banks”. June. [http://www.cbrc.gov.cn/chinese/home/docView/79B4B184117B47A59CB9C47D0C199341.html]. CBRC. 2013. “Notifications of Consumer Protection in Financial Services”. September. [http://www.cbrc.gov.cn/chinese/home/docDOC_ReadVi ew/0AE80BE3CB1044B297E2F664B536368F.html]. CBRC. 2014. “Further notifications on the promotion of village and township banks”. 15 December. [http://www.cbrc.gov.cn/chinese/home/doc View/159670AA797141458165783A1C7D1918.html]. CBRC. 2015a. “A Few Suggestions on the Management of Micro-financial Activities”. March. [http://www.cbrc.gov.cn/chinese/home/docDOC_ ReadView/C81E4277CCB5454CB6A8A440E384F32A.html]. CBRC. 2015b. “Data Reports”. [http://www.cbrc.gov.cn/chinese/home/docViewPage/110009.html]. China Daily. 2015. “China may free up bank deposit rate soon”. 4 June. [http://www.chinadailyasia.com/business/2015-06/04/ content_15272617.html]. June 2015. China Insurance Regulatory Committee. 2010. “Measures on the management of life insurance products disclosure”. May. [http://www.circ.gov.cn/web/site0/tab5224/info130893.htm]. EIU (Economist Intelligence Unit). 2015a. “China Country Report”. July. EIU. 2015b. “China Coutry Risk Briefing”. July. EIU. 2015c. “Waging war on stocks”. July. [http://country.eiu.com/article.aspx?articleid=503317834&Country=China&topic=Economy]. Financial Times. 2015a “China deposit insurance paves way for deregulation of interest rates”. 31 March. [http://www.ft.com/intl/cms/ s/0/71061e08-d78b-11e4-94b1-00144feab7de.html#axzz3fjzxbEee]. Financial Times. 2015b. “China curbs stock sales in effort to halt market rout”. 8 July. [http://www.ft.com/intl/cms/s/0/9382843e-2511-11e5bd83-71cb60e8f08c.html#axzz3gbPnK4mn].

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Hu, Fred, and Nicolas Hope. 2006. “Reforming China’s Banking System”. Working Paper No. 276, Stanford Center for International Development, Stanford University. International Monetary Fund (IMF). 2011. “People’s Republic of China: Financial System Stability Assessment”. November. [http://www.imf.org/external/pubs/ft/scr/2011/cr11321.pdf]. Jiao et al. 2015. “An Empirical Research on Financial Inclusion Development in China”. Working Paper Series, People’s Bank of China, Feburary. Lucock, David. 2014 “The People’s Republic of China: Knowledge Work on Credit Growth in Microfinance and Rural Finance”. Consultant’s Reports, Asian Development Bank. Meng, Xianyi. 2011. “Consumer Research in China with a Focus on Financial Consumers”. American Council on Consumers Interests . [http:// www.consumerinterests.org/assets/docs/CIA/CIA2012/2012-10%20consumer%20research%20in%20china%20with%20a%20focus%20 on%20financial%20consumers.pdf]. PBC (People’s Bank of China). 2011. “Notice on Enhancing the Protection of Individuals’ Financial Information by Financial Institutions”. PBC. 2013. “Measures on Consumer Financial Protection”. PBC. 2014. “Financial inclusion and education in China: evidence from consumer protection”. [http://www.oecd.org/daf/fin/financialeducation/2%20Zhang-financial%20inclusion%20and%20education-Philippines.pdf] PBC. 2015a. “Notifications on internet and Peer-to-Peer finance”. 18 July. PBC. 2015b. “Data Reports”. [http://www.pbc.gov.cn/publish/diaochatongjisi/3172/index.html]. PBC. 2015c. “Reports of statistics from microcredit companies. 2015 H1”. July. PBC. 2015d. “Press release on interest rate reduction”. July. PBC. 2015e. “Press release on deposit insurance scheme”. March. People’s Republic of China (PRC). 2003. “Law of People’s Republic of China on Commercial Banks”. Dec [http://www.npc.gov.cn/wxzl/ gongbao/2004-02/11/content_5327824.htm]. PRC. 2013. “Law on Consumer Rights and Consumer Protection”. [http://www.npc.gov.cn/npc/xinwen/2013-10/26/content_1811773.htm]. Shrader, Lessa, and Eric Duflos. 2014. “China: A New Paradigm in Branchless Banking?”. March. Working Paper, Consultative Group to Assist the Poor. Shrader, Lessa, Duflos, Eric, Zhou Mingyao. 2014. “Pilot Banking Agents in Yunnan and Chongqing”. Presentation, Consultative Group to Assist the Poor, April. [http://www.slideshare.net/CGAP/bank-agent-pilots-in-china-chongqing-and-yunnan]. South China Morning Post. 2013. “Party’s third plenum pledges ‘decisive role’ for markets in China’s economy. November. [http://www.scmp.com/news/china/article/1354411/chinas-leadership-approves-key-reform-package-close-third-plenum?page=all] State Council of People’s Republic of China. 2014. “Suggestions on financial service in terms of ‘Three Rural Issues’ “. November. [http://www.gov.cn/zhengce/content/2014-04/22/content_8771.htm]. State Council of People’s Republic of China. 2015. Amendments on “Measures on foreign banks in China”. January. [http://www.gov.cn/ zhengce/content/2014-12/20/content_9309.htm]. The International Centre for Non-Profit Law. 2015. “NGO Law monitor: China”. May. [http://www.icnl.org/research/monitor/china.html]. Wall Street Journal. 2013. “A Way to Pay in Rural China”. January. [http://www.wsj.com/articles/SB1000142412788732458150457823159316 2961644]. Wall Street Journal. 2015. “China looks to regulate internet finance”. July. [http://www.wsj.com/articles/china-looks-to-regulate-internetfinance-1437223179]. Wall Street Journal. 2014. “Why China’s central bank is ok being dependent on the government”. November. [http://blogs.wsj.com/ chinarealtime/2014/09/16/why-chinas-central-bank-is-ok-being-dependent-on-the-government/]. World Bank. 2013. “Beijing Workshop Promotes Financial Consumer Production in China”. February. [http://www.worldbank.org/en/news/ feature/2013/02/05/Beijing-Workshop-Promotes-Financial-Consumer-Protection-in-China] World Bank. 2014. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploretopics/getting-credit] Yap, Amanda. 2014. “Rating to Loosen the Regulatory Noose on China’s Microcredit Companies”. 7 January. [http://cfi-blog.org/2014/01/07/ ratings-to-loosen-the-regulatory-noose-on-chinas-microcredit-companies/] Zhou, Cuiling. 2012. “Credit Information Database in China”. International Finance Corporation, Presentation, 5-9 November, Kuala Lumpur. Financial Publishing House Zhou. November. Presentation. [http://www.ifc.org/wps/wcm/connect/78d54a004d76a2bea913bd48b4 9f4568/Session_8_2_C.Zhou.pdf?MOD=AJPERES].

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Colombia Interviews Alvarez Gallego, Juliana. Directora. Banca de las Oportunidades. 6 August 2015. Arango, Miguel. Ejecutivo Principal, VP de Sectores Productivo y Financiero. Corporacion Andina de Fomento. 31 July 2015. Berrio, Juan Camilo. Director de Canales de Pago e Inclusion Financiera. Asociacion Bancaria de Colombia. 4 August 2015. Lagos, Ingrid Juliana. Directora de Investigacion y Desarrollo. Superintendencia Financiera de Colombia. 13 August 2015. Manrique, Elsa Patricia. Vice Presidente Estrategia y Desarrollo. Banco Caja Social - Fundacion Social. 17 July 2015. Rodriguez, Carolina. Directora Proyectos Especiales. BRC-Standard & Poor’s Colombia. 6 August 2015. Salamanca, David. Director. Unidad de Regulacion Financiera. Ministerio de Hacienda y Credito Publico. 31 July 2015. Additional source wished to remain anonymous.

References Actualicese.com. 2015. “A partir de 2015 la contabilidad legal seran las NIIF (IFRS)”. 31 December. [http://actualicese.com/actualidad/2014/12/31/a-partir-del-2015-la-contabilidad-legal-seran-las-niif-ifrs/]. August 2015. Actualicese.com. 2015. “Aseguradoras pueden ofrecer determinados seguros al publico a traves de corresponsales”. 19 January. [http:// actualicese.com/actualidad/2015/01/19/aseguradoras-pueden-ofrecer-determinados-seguros-al-publico-a-traves-de-corresponsales/]. August 2015. AFI (Alliance for Financial Inclusion). 2012a. “Agent Banking In Latin America”. March. [http://www.afi-global.org/sites/default/files/ discussion_paper_-_agent_banking_latin_america.pdf?op=Download].July 2015. AFI. 2012b. Maya Declaration. “Commitment made by the Ministry of Finance and Public Credit, Colombia”. [http://www.afi-global.org/sites/ default/files/publications/Maya%20Declaration_Ministry%20of%20Finance%20&%20Public%20Credit%20Colombia.pdf]. July 2015. Alternativas Juridicas. 2014. “Como consultar su historial de credito”. [http://alternativasjuridicas.com/insolvencia/como-consultar-suhistorial-de-credito/]. August 2015. Asobancaria (Asociacion Bancaria de Colombia). 2015a. “Ley de Precios Transparentes: Un Vistazo desde la Banca”. 16 March. [http://www.asobancaria.com/portal/pls/portal/docs/1/4456741.PDF]. August 2015. Asobancaria. 2015b. “Balance mixto de Colombia en incluson financiera: algunos resultados del Global Findex 2014”. Semana Economica, 30 June. [http://www.asobancaria.com/portal/pls/portal/docs/1/4542745.PDF]. August 2015. Banca de las Oportunidades. 2014. “Gobierno Nacional Presento Estrategia de Inclusion Financiera”. March 2014. [http://www. bancadelasoportunidades.gov.co/contenido/contenido.aspx?catID=1&conID=1137]. August 2015. Banca de las Oportunidades. 2014. “Reporte de Inclusion Financiera 2013”. Superintendencia Financiera de Colombia (SFC), July. [http://www. bancadelasoportunidades.gov.co/documentos/Reporte%20Inclusion%20Financiera/3er_reporte/bancadeoportunidades.pdf]. August 2015. Banca de las Oportunidades. 2015. “Inclusion Financiera en Colombia: Estudio de Demanda para Analizar la Inclusion Financiera en Colombia. Informe de Resultados”. Superintendencia Financiera, IPSOS, June. [http://bancadelasoportunidades.gov.co/documentos/Estudio%20 de%20demanda/primer%20estudio%20de%20demanda/Estudio_demanda_para_analizar_inclusi%C3%B3n_financiera_en_colombia. pdf]. August 2015. Cabrera, William, and Ana María Yaruro. 2015. “Informe Especial de Estabilidad Financiera. Inclusion Financie”. Banco de la República, June. [http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/iepref_mar_5_2015.pdf]. August 2015. Camargo A., C. Tatin-Jarelan, and L. Gontijo Furst Goncalves. 2014. “Colombia. Toward an inclusive insurance sector”. Access to Insurance Initiative (aii), Eschborn, 15 September. [https://a2ii.org/sites/default/files/reports/2015_07_16_country_diganoctic_report_ colombia_-english-.pdf]. August 2015. Colombia Digital. 2013. “ABC para proteger los datos personales, Ley 1581 de 2012 y Decreto 1377 de 2013”. 29 August. [http://www. colombiadigital.net/actualidad/articulos-informativos/item/5543-abc-para-proteger-los-datos-personales-ley-1581-de-2012-decreto1377-de-2013.html]. August 2015. Consultative Group to Assist the Poor (CGAP). 2010. “Update on regulation of branchless banking in Colombia”. January. [http://www.cgap.org/sites/default/files/CGAP-Regulation-of-Branchless-Banking-in-Colombia-Jan-2010.pdf]. August 2015. Departamento Administrativo Nacional de Estadistica. 2015. “Cuentas Nacionales”. [http://www.dane.gov.co/index.php/estadisticas-portema/cuentas-nacionales]. August 2015. Departamento Nacional de Planeacion. “ Bases del Plan Nacional de Desarrollo 2014-2018”. [https://colaboracion.dnp.gov.co/CDT/Prensa/ Bases%20Plan%20Nacional%20de%20Desarrollo%202014-2018.pdf]. August 2015. Elempleo.com. 2014. “Discriminacion racial durante la busqueda de trabajo”. [http://www.elempleo.com/colombia/consejos_profesionales/ discriminacion-racial-durante-la-busqueda-de-trabajo/14878395]. August 2015.

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El Nuevo Dia. 2014. “Fundacion Mundo Mujer ahora es banco”. Accessed on 8/7/2015 at: [http://www.elnuevodia.com.co/nuevodia/ actualidad/economica/247743-fundacion-mundo-mujer-ahora-es-banco El Nuevo Siglo. 2015. “Mas del 53% de los hogares tendra internet este ano”. 14 Feburary. [http://www.elnuevosiglo.com.co/articulos/4-2015el-53-de-los-hogares-tendr%C3%A1-internet-este-a%C3%B1o.html]. August 2015. Fondo de Garantias de Instituciones Financieras. 2014. “Que es el seguro de depositos”. Ministerio de la Hacienda, April. [https://www.fogafin.gov.co/Default/que-es-el-seguro-de-depositos-p/definicion]. July 2015. Garavito, César Rodríguez. 2009. “Discriminación racial en Colombia: informe alterno ante el Comité para la Eliminación de la Discriminación Racial de la ONU”. Programa de Justicia Global y Derechos Humanos Universidad de los Andes. [http://www.justiciaglobal.net/files/ actividades/fi_name_recurso.6.pdf]. August 2015. García, Carlos Arturo. 2015. “Corresponsales bancarios, a vender seguros”. El Tiempo, 12 Feburary. [http://www.eltiempo.com/economia/ sectores/corresponsales-bancarios-a-vender-los-microseguros/15239753]. August 2015. Gómez, E., Daisy Johana Pacheco, and Ana María Yaruro. 2015. “Encuesta sobre la situación actual del microcrédito en Colombia, segundo trimestre de 2015”. Departamento de Estabilidad Financiera del Banco de la República, June. [http://www.banrep.gov.co/sites/default/ files/publicaciones/archivos/rem_jun_2015.pdf]. July 2015. Instituto Colombiano de Estudios Fiscales. 2014. “Decreto 1491 reglamenta la Ley de Inclusion Financiera”. [http://www.icef.com.co/index. php/component/k2/item/1498-decreto-1491-reglamenta-la-ley-de-inclusion-financiera]. August 2015. International Finance Corporation. 2011. “Mobile money scoping report: Colombia”. 5 September. [http://www.ifc.org/wps/wcm/connect/2f21 b0004a0529ad8ac3ffdd29332b51/MobileMoneyScopingReport-Colombia-Presentation.pdf?MOD=AJPERES]. August 2015. IMF (International Monetary Fund). 2013. “Colombia Financial Stability Assessment” 9 January. [https://www.imf.org/external/pubs/ft/ scr/2013/cr1350.pdf]. August 2015. IMF. 2014. “IMF Concludes 2014 Article IV Consultation Mission to Colombia”. 14 March. [http://www.imf.org/external/np/sec/pr/2014/ pr14101.htm]. August 2015. IMF. 2015. “IMF Executive Board Concludes 2015 Article IV Consultation with Colombia”. 29 May. [https://www.imf.org/external/np/sec/ pr/2015/pr15236.htm]. August 2015. La Republica. 2015. “Educacion Financiera en Colombia. En que vamos?” 29 August. [http://www.larepublica.co/educaci%C3%B3n-financieraen-colombia-%C2%BFen-qu%C3%A9-vamos_162131]. August 2015. Libreta de Apuntes. 2015. “ConsumerWatch 2015. El Transito de los Consumidores”. Internet accessed on 8/7/2015 at [http://libretadeapuntes. com/wp-content/uploads/2015/08/Consumer-Watch-2015.pdf]. August 2015. Ministerio de Hacienda y Credito Publico. 2015. “ABC de la Ley de Inclusion Financiera”. [http://www.minhacienda.gov.co/portal/pls/portal/ docs/1/31620604.PDF].August 2015. Ministerio de Hacienda y Credito Publico. 2014. “Estrategia de Inclusion Financiera”. March. [http://www.irc.gov.co/irc/es/ publicacionesespecialesaudio/20140307_estrategia_inclusion_financiera.pdf]. August 2015. Ministerio de Hacienda y Credito Publico. 2015. “Dinero Movil para los No Bancarizados”. Unidad de Regulacion Financiera. [http://www.urf.gov.co/portal/page/portal/URF/Noticias]. August 2015. Ministerio de Hacienda y Credito Publico. 2015. “Presentations”. Unidad de Regulacion Financiera. [http://www.urf.gov.co/portal/page/portal/ URF/Presentaciones]. August 2015. Ministerio de Hacienda y Crédito Público. 2007. “Decreto 519 de 2007: Por el cual se crea la nueva modalidad de microcredito”. Republica de Colombia, 27 Feburary. [https://www.superfinanciera.gov.co/SFCant/Normativa/dec0519_07.pdf]. August 2015. Ministerio de las Tecnologias de Informacion y las Comuniaciones. “Presidente Santos sancionó Ley de Inclusión Financiera que dará acceso a 20 millones de colombianos gracias a las TIC”. 22 October. [http://www.mintic.gov.co/portal/604/w3-article-7367.html]. August 2015. Portafolio.co. 2014. “Mas facilidades para acceder a creditos de bajo monto”. 22 December. [http://www.portafolio.co/economia/creditosmonto]. Republic of Colombia. 2009. “Ley 1328 de 2009: Regimen de Proteccion al Consumidor Financiero”. 15 July. [http://actualicese.com/ normatividad/2009/07/15/ley-1328-de-15-07-2009-ley-de-reforma-financiera/]. July 2015. Republic of Colombia. 2011. “Decreto 4687: Reglamento a los Depositos Electronicos”. 12 December. [http://www.alcaldiabogota.gov.co/ sisjur/normas/Norma1.jsp?i=44986]. August 2015. Republic of Colombia. 2012. “Ley 1581: Ley de Habeas Data”. 17 October. [http://propintel.uexternado.edu.co/Pr0P1n73L-3xT3rNaD0-U3C/wpcontent/uploads/2013/02/Ley-1581-de-20123.pdf]. August 2015. Republic of Colombia. 2013. “Ley 1676: Ley de Garantias Minimas”. 20 August. [http://wsp.presidencia.gov.co/Normativa/Leyes/ Documents/2013/LEY%201676%20DEL%2020%20DE%20AGOSTO%20DE%202013.pdf]. August 2015. Republic of Colombia. 2014a. “Ley 1735”. 21 October. [http://actualicese.com/normatividad/2014/10/21/ley-1735-de-21-10-2014/] Republic of Colombia. 2014b. “Decreto 457: Comision Intersectorial para la Educacion Financiera”. 28 Feburary. Republic of Colombia. 2014c. “Decreto 2654: Prestamos de bajo consumo”. 17 December. Republic of Colombia. 2014d. “Ley 1735: Ley de Inclusion Financiera”. 21 October. [http://actualicese.com/normatividad/2014/10/21/ley1735-de-21-10-2014/]. August 2015. Republic of Colombia. 2014e. “Ley 1748: Ley de Precios Transparentes”. 26 December. [http://actualicese.com/normatividad/2014/12/26/ley1748-de-26-12-2014/]. August 2015.

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Republic of Colombia. 2015a. “Decreto 034: Seguros en los corresponsales bancarios”. 14 January. [http://normativa.colpensiones.gov.co/ colpens/docs/decreto_0034_2015.htm]. August 2015. Republic of Colombia. 2015b. “Decreto 1491: Regulacion para operacion de las SEDPEs”. 13 July. [http://actualicese.com/ normatividad/2015/07/13/decreto-1491-de-13-07-2015/]. August 2015. Revista Semana. 2013. “Se le fue la mano a la procuraduria con el superfinanciero”. 30 Noviembre. [http://www.semana.com/nacion/articulo/ fallo-de-procuraduria-contra-gerardo-hernandez/366525-3]. August 2015. SFC (Superintendencia Financiera de Colombia). 2014. “Informe de Estadistica de Quejas Recibidas por la Superintendencia Financiera de Colombia. Entidades Vigiladas. Defensor del Consumidor Financiero. Primer Semestre 2014. Sector Seguros”. Direccion de Proteccion al Consumidor Financiero. SFC. 2015a. “Actualidad del Sistema Financiero Colombiano”. Mayo 2015. SFC. 2015b. “Interes bancario corriente”. [https://www.SFC.gov.co/jsp/loader.jsf?lServicio=Publicaciones&lTipo=publicaciones&lFuncion=load ContenidoPublicacion&id=10829&reAncha=1]. August 2015. SFC. 2015c. “Decisiones a favor de la Entidad o del Consumidor Financiero – Julio / Septiembre de 2014”. SFC. 2015d. “Información consolidada semestral SFC - Defensores del consumidor financiero - Entidades vigiladas”. SCF. 2015e. “Numero de Corresponsales No Bancarios de los Establecimientos de Credito por Municipio y Departamento”. SFC. 2015f. “Resultados mensuales obtenidos al aplicar indicadores proceso atención de quejas o reclamos contra entidades vigiladas”. June. SFC. 2015g. “Simulador de Tarifas y Costos Financieros”. World Bank. 2015. “Doing Business 2015, Beyond Efficiency. Economy Profile 2015. Colombia”. [http://www-wds.worldbank.org/external/ default/WDSContentServer/WDSP/IB/2014/11/03/000477144_20141103104711/Rendered/PDF/919740WP0Box380580Columbia00Publ ic0.pdf]. August 2015.

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Costa Rica Interviews Alvarez, José. Superintendencia General de Entidades Financieras. 31 July 2015. Howells, Kenlor. Executive Director. Asociación de Ayuda al Pequeño Trabajador y Empresario (ADAPTE). 29 July 2015. Montero, Danilo. Executive Director. Asociación Costaricense para Organizaciones de Desarrollo. 31 July 2015.

References Alliance for Financial Inclusion (AFI). 2013. “Costa Rica’s Superintendencia General de Entidades Financieras become 104th AFI member”. 22 April. [http://www.afi-global.org/news/2013/4/22/costa-ricas-superintendencia-general-de-entidades-financieras-become-104th-afimember]. Arias, Juan Pablo. 2012. “Infocoop propone seguro para depósitos en cooperativas”. La Nación, 25 October. [http://www.nacion.com/archivo/ Infocoop-propone-seguro-depositos-cooperativas_0_1301269897.html]. August 2015. Arias, Juan Pabo. 2015. “Cuentas simplificadas y monedero electrónico para el celular facilitarán la inclusión financiera en Costa Rica”. CR Hoy. 7 May [http://www.crhoy.com/cuentas-simplificadas-y-monedero-electronico-para-el-celular-facilitaran-la-inclusion-financiera-en-costarica]. August 2015. Banco Nacional. 2015. “BN Servicios”. [http://www.bncr.fi.cr/BNCR/Preguntas/Servicios.aspx]. August 2015. BCR (Banco Central de Costa Rica). 2013. “Accesso de las MIPYMEs a los Servicios Financieros a partir de la Ley 8634 del Sistema de Banca de Desarrollo: Informe”. April. [http://www.bccr.fi.cr/publicaciones/sector_real/Informe_Evaluacion_BCCR_al_SBD_abr2013.pdf]. August 2015. BCR. 2014. “Sistema Nacional de Pagos: Estadisticas 2014”. June. [http://www.bccr.fi.cr/sistema_pagos/estadisticas/Comunicado%20 Estadisticas%202014%20-%20Sistema%20Nacional%20de%20Pagos.pdf]. August 2015. Bank for International Settlements. 2014. “FSI Survey: Basel II. 2.5, and III implementation”. Financial Stability Institute, July. Casitllo, David. 2012. “Superintendente deja el cargo y denuncia injerencia política en la SUGEF”. CR Hoy, 14 September. [http://www.crhoy.com/francisco-lay-denuncia-injerencia-politica-y-deja-la-sugef/]. August 2015. Consejo Nacional de Supervisión del Sistema Financiero. 2015. “Acuerdo CNS-1165/06”. 14 May. [http://www.conassif.fi.cr/acuerdos/ultimos_ acuerdos.html]. August 2015. Costa Rica Information. 2015. “Banking in Costa Rica”. [http://costarica-information.com/about-costa-rica/economy/investment-business/ banking-in-costa-rica]. August 2015. Deloitte. 2015. “IASPLUS: Costa Rica”. [http://www.iasplus.com/en/jurisdictions/americas/costa-rica]/ August 2015. EIU (Economist Intelligence Unit). 2014. “Country Commerce: Costa Rica”. November. Equifax Costa Rica. 2015. “Política de Privacidad [http://www.equifax.com/privacy_policy/es_cr]. August 2015. Estrada, Yadira Sulamita. 2013. “El Fondo de Seguro de Depósito en la Estabilidad Financiera en Centroamérica, República Dominicana y Panamá”. Secretaría Ejecutiva del Consejo Monetario Centroamericano,Notas Economicas Regionales No. 64, May. [http://www.secmca.org/NOTAS_ECONOMICAS/articulo64MAY2013.pdf]. August 2015. Global Partnership for Financial Inclusion. 2015. “Costa Rica”. [http://datatopics.worldbank.org/g20fidata/country/costa-rica]. August 2015. Grupo Cero Riesgo. 2015. [http://www.ceroriesgo.co.cr/]. August 2015. IMF (International Monetary Fund). 2015. “2014 Article IV Consultation”. 9 January. [https://www.imf.org/external/pubs/ft/scr/2015/cr1529. pdf]. August 2015. Infocoop (Instituto Nacional de Fomento Cooperativo). 2015a. “ Forme su cooperativa”. [http://www.infocoop.go.cr/nuestros_servicios/ formar_cooperativa.html]. August 2015. Infocoop. 2015b. “Supervisión”. [http://www.infocoop.go.cr/nuestros_servicios/supervision.html]. August 2015. MEIC (Ministerio de Economía, Industria y Comercio). 2010. “Decreto Ejecutivo No. 35867-MEIC”. 30 March. [http://reventazon.meic.go.cr/ informacion/legislacion/consumidor/35867.pdf]. August 2015. MEIC. 2015a. “Consumidor: Preguntas Frecuentes”. [http://www.meic.go.cr/web/104/consumidor/preguntas-frecuentes]. August 2015. MEIC. 2015b. “Consumidor, Tarjetas de Credito y Debito”. [http://www.meic.go.cr/web/257/estudios/tarjetas-de-credito-y-debito]. August 2015. MEIC. 2015c. “Informe Estadistico”. [http://datos.meic.go.cr/dashboards/8335/consumidor-informe-estadistico/Superintendencia General de Entidades Financieras]. August 2015. MEIC. 2015d. “ Tarjetas de Crédito y Débito en Costa Rica (Abril 2015)”. April [http://datos.meic.go.cr/dashboards/9274/tarjetas-de-credito-y-debito-en-costa-rica-abril-2015/]. August 2015. MEIC. 2015. “Plataforma de Atención al Consumidor”. [http://meic.go.cr/consumidorenlinea/]. August 2015.

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MIX Market. 2015. “Costa Rica Market Profile”. [http://www.mixmarket.org/mfi/country/Costa%20Rica]. August 2015. Pacheco, Silvia. 2014. “Definen Salario Base que Regirá Durante el 2015 para la Aplicación de Penas, Multas de Impuesto”. Punto Jurídico, December 14. [http://www.puntojuridico.com/conozca-salario-base-de-referencia-que-regira-duranteel-2015-para-aplicacion-de-penas-multas-de-impuestos-durante-el-2015/]. August 2015. Ministro de Trabajo y Seguridad Social. 2014. “N°. 39055-MTSS: Fijación de salarios mínimos para el sector privado, que regirán a partir del 1 de julio del 2015”. 5 December. [http://www.cicr.com/files/repositoryFile/files/185_decreto39055mtss.pdf]. August 2015. Real Costa Rica. 2015. “Banking in Costa Rica”. [http://www.therealcostarica.com/costa_rica_business/banking_in_costa_rica.html]. August 2015. Republic of Costa Rica. 2005. “Ley Orgánica del Sistema Bancario Nacional (No. 1644, 1954) con sus reformas”. 14 April. [http://unpan1.un.org/intradoc/groups/public/documents/icap/unpan034066.pdf]. August 2015. Republic of Costa Rica. 2014. “Reforma Integral de la Ley Nº 8634, Ley del Sistema de Banca para el Desarrollo y Reforma de Otras Leyes”. Reglamento a la Ley Nº 9274, 9 March. [http://faolex.fao.org/docs/pdf/cos142107.pdf]. August 2015. RPP Noticias. 2015. “Costa Rica: Decretan sanciones contra la discriminación sexual”. 15 May. [http://www.rpp.com.pe/2015-05-15-costa-ricadecretan-sanciones-contra-la-discriminacion-sexual-noticia_797870.html]. August 2015. SUGEF (Superintendencia General de Entidades Financieras). 2006. “Acuerdo 7-06: Reglamento del Centro de Información Crediticia”. 13 June. [http://www.quienpagamanda.com/wp-content/uploads/2011/05/Reglamento-Historial-Crediticio1.pdf]. August 2015. SUGEF. 2007. “Acuerdo 10-07: Reglamento sobre divulgación de información y publicidad de productos financieros”. 27 June. [http://www. sugef.fi.cr/normativa/normativa_vigente/documentos/SUGEF%2010-07%20(v3%20febrero%202012).pdf]. August 2015. SUGEF. 2014. “Proyecto de Acuerdo SUGE 18-15 sobre Gestión del Riesgo Operacional”. April. [http://www.sugef.fi.cr/normativa/ normativaconsulta/documentos/Presentacion%20RO_sesiones%20con%20entidades_mayo%202015.pdf]. August 2015. SUGEF. 2015a. “Detalles de Preguntas Frecuentes”. [http://www.sugef.fi.cr/servicios_sugef/preguntas_frecuentes/categorias/documentos/ Resumen%20de%20preguntas%20Relacionadas%20con%20las%20entidades%20fiscalizadas%20V5.pdf]. August 2015. SUGEF. 2015b. “Guía y Formulario de Quejas o Denunicas”. [http://www.sugef.fi.cr/quejasodenuncias/documentos/Guia y formulario quejas o denuncias articulo 15.docx]. July 2015. SUGEF. 2015c. “Información Crediticia: Reportes”. [http://www.sugef.fi.cr/reportes/indice%20de%20reportes/Informacion%20Crediticia. html]. August 2015. SUGEF. 2015d. “Informacion de Entidades Financieras Dispuesta al Público por medio del Sitio Web”. [http://www.sugef.fi.cr/reportes/ IndicadoresFinancieros/documentos/Descripcion_Indicadores.pdf]. August 2015. SUGEF. 2015e. “Manual de CIC”. [http://www.sugef.fi.cr/manuales/manual%20informacion%20cic/]. August 2015. SUGEF. 2015f. “Preguntas Relacionadas con las Entidades Reguladas”. [http://www.sugef.fi.cr/servicios_sugef/preguntas_frecuentes/categorias/documentos/Resumen%20de%20 preguntas%20Relacionadas%20con%20las%20entidades%20fiscalizadas%20V5.pdf]. August 2015. SUGEF. 2015g. “Requisitos para Quejas o Denuncias contra Personas Físicas o Jurídicas Inscritas por Articulo 15 de la Ley 82014”. [http://www.sugef.fi.cr/quejasodenuncias/documentos/Guia y formulario quejas o denuncias articulo 15.docx]. July 2015 SUGEF. 2015h. “Memoria Annual: 2014”. 1 June. [http://www.sugef.fi.cr/publicaciones/memoria_anual/Paginas%20Emagazine/2014/ Memoria%20anual%202014.html]. August 2015. SUGESE (Superintendencia General de Seguros). 2012a. “Ley Reguladora del Contrato de Seguros No. 8956”. 2 October. [http://www.sugese. fi.cr/marco_legal/leyes.html]. August 2015. SUGESE. 2012b. “Ley Reguladora del Mercado de Seguros No. 8653”. 2 October [http://www.sugese.fi.cr/marco_legal/leyes.html]. August 2015. SUGESE. 2014. “Memorial Anual 2014”. [http://www.sugese.fi.cr/publicaciones/memoria%20institucional/memoria_2014.pdf]. August 2015. SUGESE. 2015a. “Mercado de Seguros”. [http://www.sugese.fi.cr/mercado_seguros/]. August 2015. SUGESE. 2015b. “Operadores Activos de Seguros Autoexpedibles”. [http://www.sugese.fi.cr/mercado_seguros/autoexpedibles/ autoexpedibles_activos.html]. August 2015. Sistema de Banca de Desarrollo. 2015. “Microcrédito: Adelante Mujer and Financiamento para Microfinanzas”. [http://sbdcr.com/pidte_ina/ pymecr2.php?id=4]. August 2015. Veinte Minutos. 2014. “Nueva ley contra discriminación en Costa Rica prevé penas de cárcel”. 28 August [http://www.20minutos.com.mx/ noticia/b183546/nueva-ley-contra-discriminacion-en-costa-rica-preve-penas-de-carcel/]. August 2015. World Bank. 2015. “Doing Business in Costa Rica: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/costa-rica#gettingcredit]. August 2015. World Intellectual Property Organization. 2015. “Costa Rica: Ley No. 218 de Asociaciones”. [http://www.wipo.int/wipolex/en/text.jsp?file_ id=220696#LinkTarget_212]. August 2015.

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Democratic Republic of the Congo Interviews Nkusu, André. Executive Director. Regroupement des institutions du système de financement décentralisé du Congo. 31 Jul 2015 Bondo Bondo, Gaston. Information manager. APROCEC asbl. 3 August 2015 Kifula, Marie Antoinette Saya. Microfinance and Gender Advisor. Canadian International Development Agency (CIDA). 3 August 2015 Mukeni, Jean Christian Pembe. Chairperson. COOPEC CAMEC. 3 August 2015 Mulumeoderhwa Choya, Patience. Director General. COOPEC CAHI. 3 August 2015

References Agence Nationale pour la Promotion des Investissement. “Agrément d’une société de Microfinance”. Investir en République Démocratique du Congo. [http://www.investindrc.cd/fr/spip.php?article635]. July 2015 AFI (Alliance for Financial Inclusion). 2012. “Maya Declaration: The AFI network commitment to financial inclusion”. 17 October. [http://www.afi-global.org/library/publications/maya-declaration-afi-network-commitment-financial-inclusion]. AFI. 2013. “A Timeline of Achievement”. Financial Inclusion Strategy Peer Learning Group (FISPLG), August. [http://www.afi-global.org/sites/ default/files/publications/fisplg-timeline-achievement.pdf]. Ambangito, Frank. 2015. “Udecom projette une Table ronde sur la Problématique de la protection du consommateur”. L’Avenir, 14 March. [http://groupelavenir.org/udecom-projette-une-table-ronde-sur-la-problematique-de-la-protection-du-consommateur/]. Auparavant, Kahamba. 2014. “Le gouverneur de la BCC pour une politique de diversification économique en RDC”. Digital Congo, 31 December. [http://www.digitalcongo.net/article/104604]. July 2015. BCC (Banque Central du Congo). 2012a. “Instruction No.002 Relative aux normes prudentielles des cooperatives d’eparge et de credit ainsi que des institutions de microfinance”. 14 April. [http://microfinance.bcc.cd/wp-content/uploads/2013/08/Instruction-n.-002.pdf]. BCC. 2012b. “Instruction N. 007 Aux Coopératives d’Epargne et de Crédit et aux Institutions de Micro Finance Relatives a la Gouvernance”. 14 April. [http://microfinance.bcc.cd/wp-content/uploads/2013/08/Instruction-n.-007.pdf]. BCC. 2012c. “Instruction N. 009 Aux Coopératives d’Epargne et de Crédit et aux Institutions de Micro Finance Relative a la Transmission des Situations Periodique”. 14 April. [http://microfinance.bcc.cd/wp-content/uploads/2013/08/Instruction-n.-009.pdf]. BCC. 2013a. “Rapport d’activites de la microfinance 2012”. [http://microfinance.bcc.cd/wp-content/uploads/2013/08/Livre-Rapport-activitemicrofinance-BCC-2012.pdf]. BCC. 2013b. “Instruction No.010 Relative a la fixation du capital minimum des institutions de microfinance”. 10 January. [http://microfinance. bcc.cd/wp-content/uploads/2013/08/Instruction-n.-0010.pdf]. Consultative Group to Assist the Poor (CGAP). 2015. “République Démocratique du Congo”. Portal Microfinance. [http://www. microfinancegateway.org/fr/pays/république-démocratique-du-congo]. Ebambe, Richard Mosesi Gotha. “Le problématique du management de financements des organismes internationaux en rdc, cas de l’appui du pnud dans le secteur de micro-finance (période 2004-2007)”. [http://www.memoireonline.com/04/10/3336/m_Le-problematique-dumanagement-de-financements-des-organismes-internationaux-en-rdc-cas-de-lapp10.html]. July 2015 International Monetary Fund (IMF). 2014. “Democratic Republic of Congo Financial Sector Stability Assessment”. IMF Country Report No.14/315, 23 May. [https://www.imf.org/external/pubs/ft/scr/2014/cr14315.pdf]. KPMG International. 2014. “Democratic Republic of the Congo: Country profile, 2012/2013”. [http://www.kpmg.com/Africa/en/KPMG-inAfrica/Documents/2012-2013%20Country%20Profiles/DRC%20Country%20Profile_2012-2013_01.pdf]. Kuediasala, Faustin. 2011. “La Banque centrale du Congo renforce la surveillance des intermédiaires financiers pour prévenir les cas de faillite des banques”. Digital Congo, 8 January. [http://digitalcongo.net/article/72887]. International Association of Deposit Insurers. “Deposit Insurance Systems Worldwide”. [http://www.iadi.org/di.aspx?id=67]. August 2015. International Finance Corporation. 2015. “Bringing financial services to 5.3 million people in Sub-Saharan Africa”. Partnership for Financial Inclusion. [http://www.ifc.org/wps/wcm/connect/REGION__EXT_Content/Regions/Sub-Saharan+Africa/Advisory+Services/ AccessFinance/Partnership_FinancialInclusion]. August 2015. Linge, Idriss. 2015. “La RD Congo fait un grand bond en matière de facilitation d’accès au crédit”. Agence Ecofin, 10 June. [http://www. agenceecofin.com/banque/1006-29691-la-rd-congo-fait-un-grand-bond-en-matiere-de-facilitation-dacces-au-credit]. MF4WA (Making Finance Work for Africa). 2011. “DRC: FENAPEC encourages Govt involvement in financial sector normalisation”. 2 September. [http://www.mfw4a.org/nc/news/news-details/article/7/drc-fenapec-encourages-govt-involvement-in-financial-sector-normalisation.ht ml?cHash=006418d24e2f4522b11ea9ee7aef9786&sword_list%5B0%5D=drc&sword_list%5B1%5D=interest%20rate]. July 2015. MF4WA. 2014. “DRC: Senate passes bill liberalizing the insurance sector”. 21 May. [http://www.mfw4a.org/news/news-details/article/316/drcsenate-passes-bill-liberalizing-the-insurance-sector.html]. July 2015.

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Mutombo, Onassis. 2015. “Mamie Kalonda succède à Alejandro”. 9 July. [http://groupelavenir.org/fincardc-mamie-kalonda-succede-aalejandro/]. August 2015. Schwarz, Simone. 2011. “Financial Institutions‘ Challenges to Provide Credit in the Democratic Republic of Congo”. KfW Bankengruppe, June. [https://www.kfw-entwicklungsbank.de/Download-Center/PDF-Dokumente-Sektoren-Berichte/2011_06_Congo-Kredit_E.pdf]. UNDP (United Nations Development Programme). 2010a. “Programme d’Appui au Secteur de la Microﬁnance en RDC: Phase II (PASMIF II: 20102014)”. United Nations Capital Development Fund, September. UNDP. 2010b. “Fiche Projet: Appui au Secteur de la Microfinance (PASMIF II)”. [http://www.cd.undp.org/content/dam/dem_rep_congo/docs/ povred/UNDP-CD-FICHE-PROJET-PASMIF-II.pdf]. UNDP. 2014. “Rapport Nationale Sur le Developpement Humain 2014 – Cohesion nationale de la Republique democratique du Congo”. December. [http://hdr.undp.org/sites/default/files/undp-cd-rndh_2014.pdf]. World Bank. 2014a. Global Financial Development Report. Implementation Status & Results Report World Bank. 2014b. “Project Appraisal Document for Proposed Grant in the Amount of SDR 19.60 Million to the Democratic Republic of Congo for a Financial Infrastructure and Markets Project”. 25 February. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/ IB/2014/03/03/000442464_20140303102347/Rendered/PDF/PAD8640P145554010Box382156B00OUO090.pdf]. World Bank. 2015. “Democratic Republic of Congo: Financial Infrastructure and Markets - Implementation Status Results Report”. 30 June. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/AFR/2015/06/30/090224b082fac649/1_0/Rendered/PDF/ Congo00Democra0Report000Sequence003.pdf]. Zoom-Eco. “RDC: Enfin, le code des assurances”. [http://zoom-eco.info/rdc-enfin-le-code-des-assurances/]. July 2015.

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Dominican Republic Interviews Abate, Francisco. Independent Consultant. 17 July 2015. Canalda, Mercedes. Executive President. Banco Adopem de Ahorro y Crédito. 3 July 2015. Muñoz, Alan. Executive Vice President. Banco Fihogar. 3 July 2015. Pérez Bernard, Jenniffer. Executive Vice-President. Corporación de Crédito ReidCo. 3 July 2015. Pichardo, Benahuare. President. Motor Crédito Banco de Ahorro y Crédito. 3 July 2015. Rodríguez, Laura. President. Corporación de Crédito Nordestana. 3 July 2015. Valette, Valerie, Red Dominicana de Microfinanzas. 7 July 2015.

References Alliance for Financial Inclusion (AFI). “AFI Member Institutions”. [http://www.afi-global.org/afi-network/members]. July 2015. Asociación de Bancos de la República Dominicana. “1.3 millones de personas serán bancarizadas en cuatro años”. [https://aba.org.do/index. php/noticias/5543-1-3-millones-de-personas-seran-bancarizadas-en-cuatro-anos]. July 2015. Asociación de Instituciones Rurales de Ahorro y Crédito, Inc. [http://www.airac.org/]. July 2015. Banco Central de la Republica Dominicana. [http://www.bancentral.gov.do/]. July 2015. Banco Central de la República Dominicana. 2013. “Modificación Reglamento Subagente Bancario”. Banco Central de la República Dominicana. 2014. “1ra. Encuesta de Cultura Económica y Financiera de la República Dominicana”. [http://www.bancentral.gov.do/publicaciones_economicas/otros/Encuesta20141119.pdf]. July 2015. Banco Central de la Republica Dominicana. 2015a. “Aviso”. Junta Monetaria, Administración Monetaria y Financiera, 29 June. [http://www.bancentral.gov.do/noticias/avisos/archivos/JM8va20150629.pdf]. July 2015. Banco Central de la República Dominicana. 2015b. “Reglamento Protección al Usuario Financiero”. Banreservas. 2015. “Banreservas y BHD León firman acuerdo accionario para subagentes bancarios”. 26 January. [http://www.banreservas.com. do/Pages/Banreservas-y-BHD-Le%C3%B3n-firman-acuerdo-para-subagentes-bancarios.aspx]. July, 2015. Caminero, Julio Enrique. 2014. “Reglamento de Microcrédito”. 7 Dias, 29 September. [http://www.7dias.com.do/opiniones/2014/09/29/ i173320_reglamento-microcredito.html#.VaPcS_lViko]. July 2015. Dominican Republic. 2002. “Ley No. 183-02 que aprueba la Ley Monetaria y Financiera”. Fernández, Alejando. 2012a. “El Lado Oscuro del Ahorro”. Diario Libre. 22 March. [http://www.diariolibre.com/argentarium/2012/03/22/ i328939_lado-oscuro-del-ahorro.html]. July 2015. Fernández, Alejando. 2012b. “Entendiendo Sobre los Intereses”. Diario Libre, 22 September. [http://www.diariolibre.com/ argentarium/2012/11/22/i360695_entendiendo-sobre-los-intereses.html]. July 2015. Fernández, Alejandro. 2014. “Quiebra del Banco Peravia”. Diario Libre. [http://www.diariolibre.com/argentarium/2014/11/27/i901221_ quiebra-del-banco-peravia-101.html]. July 2015. Fernández, Alejandro. 2015a. “Como Reviso Mi Buro de Crédito”. Diario Libre, 26 March. [http://www.diariolibre.com/ argentarium/2015/03/26/i1072281_cmo-reviso-bur-crditoa.html]. July 2015. Fernández, Alejando. 2015b. “Devuelven Recursos Depositantes Banco Peravia”. Al Momento, 5 May. [http://almomento.net/devuelvenrecursos-depositantes-banco-peravia/96955]. July 2015. Fernández, Alejandro. 2015c. “Protección del Usuario Financiero”. Diario Libre, 9 October. [http://www.diariolibre.com/ argentarium/2014/10/09/i828401_proteccin-del-usuario-financiero.html]. July 2015. Fondesa. Website. [http://www.fondesa.org/somos.html]. July 2015. Junta Monetaria de la República Dominicana. 2015. Reglamento de Microcrédito. Microfinance Gateway. 2014. “Rep. Dominicana: Orange M-Peso Presenta Nuevo Servicio de Inclusión Financiera”. 13 November. [http://www. microfinancegateway.org/es/announcement/rep-dominicana-orange-m-peso-presenta-nuevo-servicio-de-inclusi%C3%B3n-financiera]. July 2015. Nivar, Amilcar. 2014. “Proyectan Que Habrá Más de 4,000 Subagentes Bancarios en Cinco Años”. Diario Libre, 2 July. [http://www.diariolibre. com/economia/2014/07/02/i681391_proyectan-que-habr-000-subagentes-bancarios-cinco-aos.html.] July 2015. Superintendencia de Bancos de la República Dominicana. [www.sb.gob.do]. July 2015. World Bank. 2015. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/dominican-republic/#gettingcredit]. July 2015.

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Ecuador Interviews Arias, Daniela. Consultant. 17 July 2015. Fierro, Wagner. Intendente de Supervisión Auxiliar. Superintendente de Economía Popular y Solidaria. 10 August 2015. Additional source wished to remain anonymous.

References Associacion de Bancos Privados del Ecuador. 2014. “Desafios y oportunidades de la inclusion financiera en Ecuador”. November. [http://www.asobancos.org.ec/ABPE_INFORMA/47_2014.pdf]. July 2015. Asociacion de Supervisores Bancarios de las Americas. “Microscopio Global 2015 – Cuestionario de Miembros Asociados de ASBA”. September 2015. BCE (Banco Central del Ecuador). 2015a. “Inclusion financiera”. [http://www.bce.fin.ec/index.php/snp-cooperativas]. July 2015. BCE. 2015b. “Haciendo inclusion financiera”. [http://www.afi-global.org/countries/ecuador]. July 2015. BCE. 2015c. “Evolucion del volumen de credito y tasas de interes del sistema financiero”. [http://www.bce.fin.ec/index.php/component/k2/ item/288-evoluci%C3%B3n-de-cr%C3%A9dito-y-tasas-de-interes]. July 2015. BCE. 2015d. “Tasas de interes efectivas”. [http://contenido.bce.fin.ec/docs.php?path=/documentos/Estadisticas/SectorMonFin/TasasInteres/ Indice.htm]. July 2015. BCE. 2015e. “Sector monetario financiero”. [http://www.bce.fin.ec/index.php/sector-monetario-financiero]. July 2015. BCE. 2015f. “Sistema nacional de pagos”. [http://www.bce.fin.ec/index.php/sistema-nacional-de-pagos ]. July 2015. BCE. 2015g. “Que es el dinero electronico”. [http://www.dineroelectronico.ec/index.php/dineroelectronico/que-es-el-dinero-electronico]. July 2015. Binkert, Andreas. 2013. “Capital Requirements under Basel III in Ecuador - Implementation and macroecomic impacts”. [http://www.academia. edu/6650519/Capital_Requirements_Under_Basel_III_In_Ecuador]. July 2015. BusinessWire. 2014 “Fitch reaffirms Ecuador at B; Stable Outlook”. Yahoo Finance, 16 October. [http://finance.yahoo.com/news/fitch-affirmsecuador-b-outlook-183000596.html]. July 2015. Center for Financial Inclusion at Accion. 2015. “Client protection in Ecuador”. [http://www.centerforfinancialinclusion.org/publications-aresources/client-protection-library/102-status-of-consumer-protection-in-ecuador]. July 2015. Deloitte. 2015. “Country Summary: Ecuador”. IAS Plus. [http://www.iasplus.com/en/jurisdictions/americas/ecuador]. July 2015. DINARDAP (Direccion Nacional de Registro de Datos Publicos). 2015a. “Valores”. [http://www.datospublicos.gob.ec/valores/]. July 2015. DINARDAP. 2015b. “Preguntas frequentes”. [http://www.datospublicos.gob.ec/que-se-considera-por-informacion-publica/]. July 2015. EIU (Economist Intelligence Unit). 2014. “Ecuador readies electronic dollar”. 18 August. [http://country.eiu.com/ArticleIndustry.aspx?articleid =722192656&Country=Ecuador&topic=Industry&subtopic=Financial%20services]. July 2015. EIU. 2015a. “Ecuador Financial Services, Financial Regulation Report”. May 2015. EIU. 2015b. “Ecuador Country Report, generated August 2015. El Comercio. January 2011. “La fundacion D-Miro ahora es un banco”. 8 January. [http://www.elcomercio.com/actualidad/negocios/fundaciond-miro-ahora-banco.html]. July 2015. El Comercio. 2014. “El riesgo de sobreendeudamiento”. 16 December. [http://www.elcomercio.com/actualidad/navidad-riesgosobreendeudarse-ecuador.html]. July 2015. El Telegrafo. 2015. “En Ecuador existen 273 corresponsales no bancarios por cada 10 mil km2”. 12 April. [http://www.telegrafo.com.ec/ economia/item/en-ecuador-existen-273-corresponsales-no-bancarios-por-cada-10-mil-km2.html]. September 2015. El Universo. 2013. “Se prohíbe a banca obligar a clientes a contratar seguros”. 6 July. [http://www.eluniverso.com/noticias/2013/07/06/ nota/1121716/se-prohibe-banca-obligar-clientes-contratar-seguros]. September 2015. El Universo. 2015. “Se obliga a bancos a entrar a sistema de dinero electronico”. 28 May. [http://www.eluniverso.com/noticias/2015/05/28/nota/4918296/se-obliga-bancos-entrar-sistema-dinero-electronico]. July 2015. Elecciones Ecuador. 2014. “Se me perdio el certificado de votación ¿Cómo saco un duplicado?” [http://www.eleccionesenecuador.com/ informacion-duplicado-certificado-votacion-147.html]. July 2015. Financial Action Task Force. 2015. “FATF Public Statement”. 27 February. [http://www.fatf-gafi.org/documents/documents/public-statementfebruary-2015.html ]. July 2015. Foro de Tesorerías Gubernamentales de América Latina (FOTEGAL). 2015. “Ecuador hace una reingenieria del sistema nacional de pagos”. [http://fotegal.org/newsletter/ecuador-hace-una-reingenieria-del-sistema-nacional-de-pagos-entre-el-tesoro-nacional-y-el-bce/]. July 2015.

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Government of Ecuador. 2001. “Ley Organica de Defensa de Consumidor”. [http://www.cetid.abogados.ec/archivos/95.pdf]. July 2015. Government of Ecuador. 2005. “Ley de buros de informacion”. [http://www.sbs.gob.ec/medios/PORTALDOCS/downloads/normativa/ley_ buros_informacion_crediticia.pdf]. July 2015. Government of Ecuador. 2010. “Ley de sistema nacional de registro de datos publicos, SAN 2010-190”. [http://registromercantil.gob.ec/ loja/ley-de-transparencia-loja/Loja/2013/2.%20Informaci%C3%B3n%20Legal/Normas%20de%20Regulaci%C3%B3n/Ley%20del%20 Sistema%20Nacional%20de%20Registro%20De%20Datos%20P%C3%BAblicos.pdf/detail.html]. July 2015. Government of Ecuador. 2012. “SAN 2012-1489, Ley organica derogatoria a la ley de buros de credito”. [http://www.sbs.gob.ec/medios/ PORTALDOCS/downloads/normativa/ley_derogatoria_buros_informacion_crediticia.pdf]. July 2015. Government of Ecuador. 2014a. “Codigo organico monetario y financiero”. [http://www.cosede.gob.ec/?page_id=4792]. July 2015. Government of Ecuador. 2014b. “Ley General de Seguros - Codificación”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=55&vp_ tip=2#3]. July 2015. International Financial Reporting Standards Foundation (IFRS). 2015. “Jurisdictional profile: Ecuador”. [http://www.ifrs.org/Use-around-theworld/Documents/Jurisdiction-profiles/Ecuador-IFRS-Profile.pdf ]. July 2015. Instituto Ecuatoriano de Credito Educativo y Becas. 2015. “Requisitos”. [http://www.institutobecas.gob.ec/requisitos-2/ ]. July 2015. Instituto Nacional de Estadisticas y Censos 2013. “Encuesta Nacional de Ingresos y Gastos de Hogares Urbanos y Rurales”. [http://anda.inec.gob.ec/anda/index.php/catalog/291/study-description]. July 2015. International Monetary Fund (IMF). 2014. “IMF executive board concludes 2014 Article IV consultation with Ecuador”. [http://www.imf.org/ external/np/sec/pr/2014/pr14393.htm]. July 2015. MicroFinance Transparency. 2013. “Regulations in microfinance”. September. [http://www.mftransparency.org/regulation-in-microfinance/]. July 2015. MicroFinance Transparency. 2015. “Interest rate debate in microfinance: reflections on regulated caps”. [http://www.mftransparency.org/ interest-rate-debate-in-microfinance-reflections-on-regulated-caps/]. July 2015. Microinsurance Center. 2013. “The Landscape of Microinsurance in Latin America and the Caribbean”. [http://www.fomin-events.com/ foromic/2013/_upload/panelistas/36_3Njy5.pdf]. July 2015. Microinsurance Center. 2014. “The Landscape of Microinsurance in Latin America and the Caribbean - 2014, Briefing Note”. 1 December. [http:// www.munichre-foundation.org/home/Microinsurance/MicroinsuranceLandscape/2014_Landscape_Microinsurance_LAC.html]. July 2015. Ministerio Coordinador de Desarollo Social. 2012. “Ley Organica de Economia Popular y Solidaria y su Reglamento”. [http://www.desarrollosocial.gob.ec/wp-content/uploads/downloads/2012/07/1_ley_y_reglamento_EPS.pdf]. July 2015. Multienlace. 2014. “Dinero electronico”. [cec.ec/Dineroelectronico.pdf]. July 2015. SBS (Superintendencia de Bancos de Ecuador). 2002. “Libro I: Normas generales para las instituciones del sistema financiero”. [http://www.sbs.gob.ec/medios/PORTALDOCS/downloads/normativa/nueva_codificacion/todos/L1_IX_cap_II.pdf]. July 2015. SBS. 2010. “Nuevo codigo de derechos del usuario financiero”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=625&vp_tip=1]. July 2015. SBS. 2012. “Profundacion de le microempresa”. [http://www.sbs.gob.ec/medios/PORTALDOCS/downloads/articulos_financieros/Estudios%20 Tecnicos/2012/AT14_2012.pdf]. July 2015. SBS. 2014a. “Generalidades de la Superintendencia de Bancos y Seguros”. [http://portaldelusuario.sbs.gob.ec/contenido.php?id_ contenido=66 ]. July 2015. SBS. 2014b. “Normas generales para la amplacion de la ley general de instituciones del sistema financiero”. [http://www.sbs.gob.ec/medios/ PORTALDOCS/downloads/normativa/nueva_codificacion/todos/L1_II_cap_I.pdf]. July 2015. SBS. 2015a. “Atencion al usuario financiero”. [http://portaldelusuario.sbs.gob.ec/categoria.php?id_categoria=2]. July 2015. SBS. 2015b. “Tarifa servicios financieros”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=532&vp_tip=2#1]. July 2015. SBS. 2015c. “Transparencia”. [http://portaldelusuario.sbs.gob.ec/categoria.php?id_categoria=4]. July 2015. SBS. 2015d. “Portal del Usuario”. [http://portaldelusuario.sbs.gob.ec/contenido.php?id_contenido=43]. July 2015. SBS. 2015e. “Noticias”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=7234&vp_tip=1]. July 2015. SBS. 2015f. “Balance del sistema financiero por tipo de institucion”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=&vp_tip=6&vp_ buscr=/practg/pk_cons_bdd.p_bal_entdd_finnc]. July 2015. SBS. 2015g. “Volumen de credito”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=39&vp_tip=2&vp_buscr=41#3]. July 2015. SBS. 2015h. “Estadisticas de seguros privados”. [ttp://www.sbs.gob.ec/practg/sbs_index?vp_art_id=492&vp_tip=2&vp_buscr=57]. July 2015. SBS. 2015i. “Tarjetas de credito”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=690&vp_tip=2&vp_buscr=41#1]. July 2015. SBS. 2015j. “Estudios y analisis tecnicos”. [http://www.sbs.gob.ec/practg/sbs_index?vp_art_id=67&vp_tip=2]. July 2015. SEPS (Superintendencia de Economia Popular y Solidaria). 2014. “Recopilacion de le normativa de la economía popular y solidaria y del sistema financiero popular y solidario”. [http://www.seps.gob.ec/documents/20181/80957/Recopliaci%C3%B3n+de+Normativa+de+la+EPS+y+SP FS/5da2cbee-5902-4ea1-9cd2-cfb4e15fd524]. July 2015. SEPS. 2015a. “Que es la Superintendencia de Economia Popular y Solidaria?” [http://www.seps.gob.ec/web/guest/que_es_la_seps]. July 2015. SEPS. 2015b. “Boletines Mensuales”. [http://www.seps.gob.ec/web/guest/boletines_mensuales]. July 2015.

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SEPS. 2015c. “Captaciones y coloccaciones”. [http://www.seps.gob.ec/web/guest/captaciones-y-colocaciones-segmento-4]. July 2015. US State Department. 2015. “2015 Investment Climate Statement – Ecuador”. [http://www.state.gov/e/eb/rls/othr/ics/2015/241544.htm]. July 2015. World Bank. 2013a. “Global Financial Development Report”. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,, contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html]. July 2015. World Bank. 2013b. “World Bank Development Indicators, Commercial bank branches (per 100,000 adults)”. [http://data.worldbank.org/ indicator/FB.CBK.BRCH.P5]. July 2015. World Bank. 2015a. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/ecuador/#getting-credit]. July 2015. World Bank. 2015b. “Investing accross borders: Ecuador”. [http://iab.worldbank.org/Data/ExploreEconomies/ecuador]. July 2015.

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Egypt Interviews Beshara, Dina. Senior Business Development Associate. Lead Foundation. 1 August 2015. Chehadi, Nadine. MENA Representative. Consultative Group to Assist the Poor (CGAP). 29 July 2015 El Tabaa, Motaz. Executive Director. Alexandria Business Association. 15 July 2015.

References Al-Monitor. 2013. “Egypt’s NGOs Face New Strictures Under Ruling Party”. 14 March. [http://www.almonitor.com/pulse/originals/2013/03/ egypt-ngo-trial-morsi-repression.html#]. Alliance for Financial Inclusion (AFI). 2013. “Central Bank of Egypt Joins Alliance for Financial Inclusion”. July 1. [http://www.afi-global.org/ news/2013/7/01/central-bank-egypt-joins-alliance-financial-inclusion]. Ahram Online. 2014. “Companies to provide microcredit for the first time in Egypt”. 29 May. [http://english.ahram.org.eg/ NewsContent/3/12/102517/Business/Economy/Companies-to-provide-microcredit-for-the-first-tim.aspx]. Arab Republic of Egypt. 2006. “Law No. 67 of 2006 on the Consumer Protection”. 19 May. [http://www.wipo.int/wipolex/en/text.jsp?file_ id=191764]. Arab Republic of Egypt. 2003. “Law No.88: Law of the Central Bank, the Banking Sector and Money”. Official Journal – Issue No. 24, 15 June. [http://www.bu.edu/bucflp/files/2012/01/Law-of-the-Central-Bank-the-Banking-Sector-and-Money-Law-No.-88-of-2003.pdf]. Arab Republic of Egypt. 2014. “Law no.141 of 2014: The Microfinance Law”. 13 November. CBE (Central Bank of Egypt). Website. [http://www.cbe.org.eg/English/]. CBE. 2009. “Basel Strategy II”. [http://www.cbe.org.eg]. CBE. 2010. “Regulations Governing Provision of Payment through Mobile Phones”. [http://www.cbe.org.eg/NR/rdonlyres/989C90C0-9940439A-B2A2-9908A4F22FD1/1516/MobilePayments.pdf]. Consumer Protection Agency. Website. [http://www.cpa.gov.eg/english/]. Demirgüç-Kunt, Asli, Baybars Karacaovali and Luc Laeven. 2005. “Deposit Insurance Around the world: A Comprehensive Database”. Policy Research Working Paper #3628, Washington, DC: World Bank. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,,co ntentMDK:20699211~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html]. Daily News Egypt. 2014a. “Restored confidence in Egypt’s economy to improve currency exchange rate: CBE”. 14 June. [http://www.dailynewsegypt.com/2014/06/14/restored-confidence-egypts-economy-improve-currency-exchange-rate-cbe/]. Daily News Egypt. 2014b. “Egypt to witness huge growth in electronic payments in next 5 years: EMP chairman, Actis partner”. October 1. Daily News Egypt. 2015. “Over 600 civil society organizations apply for microfinance license”. May 26. El-Zoghbi, Mayada, and Meritxell Martinez. 2012. “Can Postal Networks Advance Financial Inclusion in the Arab World?”. Consultative Group to Assist the Poor, April. [https://www.cgap.org/sites/default/files/CGAP-Brief-Can-Postal-Networks-Advance-Financial-Inclusion-in-theArab-World-May-2012.pdf]. European Investment Bank. 2013. “Promoting financial inclusion via mobile financial services in the Southern and Eastern Mediterranean countries – activities in Egypt”. 6 November. [https://www.menatransitionfund.org/sites/mena_trans_fund/files/documents/EG%20 EIB%20Mobile%20Financial%20Services%20Proposal.docx]. Egypt Post. “Services”. [http://egyptpost.org/en/services.aspx?Services_id=122]. Firpo, Janine, C. El-Sayed and P. Breul. 2011. “IFC Mobile Money Scoping Country Report: Egypt (English)”. Working Paper No. 95006, World Bank, Washington DC. [http://documents.worldbank.org/curated/en/2011/05/24169473/ifc-mobile-money-scoping-country-reportegypt]. International Finance Corporation. 2013. “Report on Advisory Services Operations in the Middle East and North Africa: July 2012-June 2013”. [http://www.ifc.org/wps/wcm/connect/184f1f80433da8328bd2ef384c61d9f7/Annual+report+6-11-2013.pdf?MOD=AJPERES]. I-Score. Website. [http://www.i-score.com.eg/Home]. KYCMap. 2015. “Egypt - Know Your Customer (KYC) Rules”. [http://kycmap.com/egypt-know-your-customer-kyc-rules/]. Promotion of the Microfinance Sector in the MENA Region (MFMR). 2012. “Egypt”. [http://microfinance-mena.org/?page=Pages_ Activities&id=1]. Momani, Bessma and S. Amand. 2014. “Central Bank Independence in North Africa. The Centre for International Governance Innovation”. Centre for International Governance Innovation, 17 March. [https://www.cigionline.org/publications/central-bank-independence-north-africa]. Naceur, Sami Ben and M. Kandil. 2013. “Basel Capital Requirements and Credit Crunch in the MENA Region”. International Monetary Fund Working Paper 13/160. [https://www.imf.org/external/pubs/ft/wp/2013/wp13160.pdf].

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Nasr, Sahar. 2013. “Leveraging Financial Inclusion to Promote Economic Development in Egypt”. World Bank, Voices and View: Middle East and North Africa, 21 November. [http://blogs.worldbank.org/arabvoices/leveraging-financial-inclusion-promote-economic-developmentegypt]. Oxford Business Group. 2012. “From the roots up: Microinsurance could significantly increase penetration rates”. [http://www. oxfordbusinessgroup.com/news/roots-microinsurance-could-significantly-increase-penetration-rates]. Smart Campaign. “Country Profile: Egypt”. [http://smartcampaign.org/tools-a-resources/671] Waly, Ghada. 2010. “Microinsurance in Egypt: Challenges and Opportunities”. Presentation at the Enabling Microinsurance Markets Conference, Berlin, 3-4 May. [https://a2ii.org/sites/default/files/reports/waly_waly_microinsurance_in_egypt_challenges_and_opportu.pdf]. World Bank. “Egypt, Arab Rep.”. G20 Financial Inclusion Indicators. [http://datatopics.worldbank.org/g20fidata/country/egypt,-arab-rep.] World Bank. 2013. Banking Regulation and Supervision Survey. World Bank. 2014a. “Doing Business Economy Profile 2015: Egypt, Arab Rep.”. Doing Business 2015. [https://openknowledge.worldbank.org/ handle/10986/21260]. World Bank. 2014b. “Promoting innovation for inclusive financial access project”. 6 March. [http://www-wds.worldbank.org/external/default/ WDSContentServer/WDSP/IB/2014/03/17/000333037_20140317111217/Rendered/PDF/PAD3740P146244010Box382166B00OUO090. pdf]. World Bank. 2015. “Getting Credit in Egypt, Arab Rep.”. Doing Business, June. [http://www.doingbusiness.org/data/exploreeconomies/egypt/ getting-credit].

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El Salvador Interviews Arias Handal, Silvia Margarita. Superintendencia del Sistema Financiero de El Salvador. 12 August 2015. Duran de Ayala, Roxana. Directora Ejecutiva. Asociacion de Organizaciones de Microfinanzas El Salvador. 10 August 2015. Guadalupe Gómez Fuentes, Sonia. Gerente del Sistema Financiero. BCR. 18 August 2015.

References Aguirre, Ernesto et al. 2009. “Informe de diagnóstico sobre el marco jurídico y normativo de la banca sin sucursales en El Salvador”. Consultative Group to Assist the Poor (CGAP). [www.cgap.org/sites/default/files/CGAP-Regulation-of-Branchless-Banking-in-El-Salvador-Aug-2009Spanish.pdf]. July 2015. Almazán, Mireya, and Jennifer Frydrych. 2015. “Global Financial Services in Latin America & the Caribbean”. Groupe Speciale Mobile Association). [http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2015/05/2015_GSMA_Mobile-financial-services-inLatin-America-the-Caribbean.pdf]. July 2015. Asociación Bancaria Salvadorena. 2015. “Agencias y Mini agencias de servicios bancarios”. [http://www.abansa.org.sv/wfManejoPublicaciones. aspx?codigo=63]. July 2015. Balcáceres, Pablo. 2014. “Suena el ring para pagos móviles”. El Economista, 21 January. [www.eleconomista.net/2014/01/21/suena-el-ringpara-pagosmoviles]. July 2015. BCR (Banco Central de Reserva de El Salvador). “Programa de Inclusión Financiera OTA – BCR”. [http://www.bcr.gob.sv/bcrsite/uploaded/ content/category/694410629.pdf]. July 2015. BCR. 2010. “Normas para la apertura, funcionamiento y cierre de agencias”. [www.bcr.gob.sv/bcrsite/uploaded/content/ category/2026142256.pdf]. July 2015. BCR. 2013a. “Anteproyecto Ley Para Facilitar la Inclusión Financiera”. [www.bcr.gob.sv/bcrsite/uploaded/content/ category/1816430094.pdf]. July 2015. BCR. 2013b. “Normas técnicas para la realización de operaciones y prestación de servicios financieros por medio de dispositivos móviles”. [www.bcr.gob.sv/bcrsite/uploaded/content/category/347832533.pdf]. July 2015. BCR. 2013c. “Semana de Pagos 2013”. [http://forodepagos.org/pdf/week2013/2013-SemanadePagos-inclusion/2013-SemanadePagosinclusion-08.pdf]. July 2015. BCR. 2014. “Tasa de Interes Maxima”. [http://www.bcr.gob.sv/esp/index.php?option=com_content&view=article&id=307&Itemid=391]. July 2015. Central American Data. 2014. “El Salvador: Financial Transactions Tax Comes Into Effect”. September 2, 2014. [http://www.centralamericadata. com/en/article/home/El_Salvador_Financial_Transactions_Tax_Comes_Into_Effect]. July 2015. Central American Data.org. 2015. “El Salvador: Law on fiscal ‘irresponsibility’ Moving Forward”. 29 April. [http://www.centralamericadata.com/ en/article/home/El_Salvador_Law_on_fiscal_irresponsibility_Moving_Forward]. July 2015. Centro Para la Defensa del Consumidor. 2014”.Quienes Somos”. [http://www.cdc.org.sv/quienes-somos]. July 2015. ContraPunto. 2015. “BCR inaugura semana mundial de educación financier”. March 10, 2015. [http://www.contrapunto.com.sv/economia/ finanzas/bcr-inaugura-semana-mundial-de-educacion-financiera]. July 2015. Defensoría del Consumidor. 2013. “Codigo de Buenas Practicas para Poveedores de Productos y Servicios Financieros”. [http://www.defensoria.gob.sv/images/stories/descargas/Codigo_de_buenas_practicas.pdf]. July 2015. Defensoría del Consumidor. 2014. “La Defensoría lanza campaña 7 Derechos de las personas consumidoras usuarias de servicios y productos financieros”. 17 November. [http://www.defensoria.gob.sv/novedades/noticias/2071-la-defensoria-lanza-campana-7-derechos-de-laspersonas-consumidoras-usuarias-de-servicios-y-productos-financieros.html]. July 2015. Defensoría del Consumidor. 2015. “Estructura organizativa”. [http://www.defensoria.gob.sv/institucion/estructura-organizativa/organigrama. html]. July 2015. Durán de Ayala, Roxana and Mariana Martínez. 2014. “El Salvador: Un mercado pequeño pero extenso en microfinanzas”. Portal de Microfinanzas. 7 May. [www.portalmicrofinanzas.org/p/site/s/template.rc/1.26.25099/]. July 2015. EIU (Economist Intelligence Unit). 2014. “Inflation”. [country.eiu.com/article.aspx?articleid=31726787&Country=El%20Salvador&topic=Econo my&subtopic=Forecast&subsubtopic=Inflation&aid=1&oid=971722081]. July 2015. El Salvador.com. 2014. “Los microseguros, el nuevo nicho de las finanzas”. El Diario de Hoy. 24 February. [www.elsalvador.com/mwedh/nota/nota_expansion.asp?idCat=75315&idArt=8575177]. July 2015. El Salvador.com. 2015. “El Salvador triplicó porcentaje adultos con servicios financieros”. 19 June. [http://www.elsalvador.com/articulo/ negocios/salvador-triplico-porcentaje-adultos-con-servicios-financieros-78149]. July 2015. Espinoza, Karla. 2015. “Ley de inclusión financiera beneficiará a micro y pequeños empresarios”. La Página. 1 July. [http://www.lapagina.com. sv/nacionales/108114/2015/07/01/Ley-de-inclusion-financiera-beneficiara-a-micro-y-pequenos-empresarios]. July 2015.

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Global Partnership for Financial Inclusion. 2015. “G20 Financial Inclusion Indicators”. [http://datatopics.worldbank.org/g20fidata/country/ el-salvador]. July 2015. Godfrey, Mike. 2015. “El Salvador Needs Ambitious Fiscal Reform, Says IMF”. TaxNews.com. 22 January. [http://www.tax-news.com/news/ El_Salvador_Needs_Ambitious_Fiscal_Reform_Says_IMF____67056.html#sthash.hcUgcZdn.dpuf]. July 2015. Guzmán, Sergio. 2013. “Study of Client Protection Practices in Latin America and the Caribbean”. Inter-American Development Bank, Washington, DC. Instituto de Garantía de Depósitos. 2014. “Preguntas Frecuentes Sobre el Sistema de Garantía de Depósitos”. [www.igd.gob.sv/temas/tema-1/ preguntas-frecuentes.html]. July 2015. International Financial Reporting Standards Foundation (IFRS). 2013. “IFRS application around the world; Jurisdictional Profile—El Salvador”. [www.ifrs.org/Use-around-theworld/Documents/Jurisdiction-profiles/El-Salvador-IFRS-Profile.pdf]. July 2015. 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Quintanilla, Lourdes. 2013. “Tiendas podrán ofrecer servicios financieros”. La Prensa Gráfica. 13 June. [www.laprensagrafica.com/tiendaspodran-ofrecer-servicios-financieros]. July 2015. Quintanilla, Lourdes. 2015. “Disputados Aprueban La Ley De Inclusion Financiera”. La Presnsa Gráfica. 14 August. [http://www.laprensagrafica.com/2015/08/14/diputados-aprueban-la-ley-de-inclusion-financiera]. August 2015. SSF (Superintendencia del Sistema Financiero de El Salvador). 2007. “Normas para clasificar los activos de riesgo crediticio y constituir las reservas de saneamiento”. [http://www.ssf.gob.sv/html_docs/boletinesweb/bmarzo2013/contenido/Normas/bancos/16_ncb-022.pdf]. July 2015.] SSF. 2008. “Ley de Bancos Cooperativos y Sociedades de Ahorro y Crédito”. [www.ssf.gob.sv/images/stories/desc_leyes/ley_bcoop_sa.pdf]. July 2015. SSF. 2011a. “Ley Del Sistema Financiero Para Fomento Al Desarrollo”. [http://www.ssf.gob.sv/descargas/Leyes/Leyes%20Financieras/Ley%20 del%20Sistema%20Financiero%20para%20Fomento%20al%20Desarrollo.pdf]. July 2015. SSF. 2011b. “Ley de Supervisión y Regulatión del Sistema Financiero”. [http://www.ssf.gob.sv/images/stories/desc_leyes/Ley_de_ Supervision_Regulacion_del_Sistema_Financiero.pdf]. July 2015. SSF. 2014a. “Boletines Trimestrales”. [http://www.ssf.gob.sv/index.php/boletines-trimestrales/951-boletin-estadistico-julioseptiembre-2014]. July 2015. SSF. 2014b. “Estructura Organizativa”. [www.ssf.gob.sv/index.php/institucion/est-organ/ estructuraorganizativa]. July 2015. SSF. 2014c. “Boletín Estadístico Abril - Junio 2014”. [http://www.ssf.gob.sv/index.php/boletines-trimestrales/930-boletin-estadistico-abriljunio-2014]. July 2015. SSF. 2015. “Estadística de atenciones y denuncias recibidas en Oficina de Atencion al Usario”. [http://www.ssf.gob.sv/images/Estadisticas_ OAU/Oau_mayo_15.pdf]. July 2015. United States Agency for International Development. 2013. “Microinsurance in El Salvador”. [http://pdf.usaid.gov/pdf_docs/pa00jqp6.pdf]. July 2015. World Bank. 2014a. “Global Financial Development Database”. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/ 0,,contentMDK:23492070~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html]. July 2015. World Bank. 2014b. “Expanding Access to Financial Services through New Technological Channels in El Salvador”. [http://www.worldbank.org/ en/results/2014/10/21/xpanding-access-to-financial-services-through-new-technological-channels-in-el-salvador]. July 2015. World Bank. 2015a. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/el-salvador#getting-credit]. July 2015. World Bank. 2015b. “The Little Data Book on Financial Inclusion: 2015”. [https://openknowledge.worldbank.org/bitstream/ handle/10986/21636/9781464805523.pdf?sequence=3]. July 2015.

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Ethiopia References Addis Fortune. 2013. “Ethiopia: Why the National Bank of Ethiopia Ought to Embrace Predictability”. All Africa, 29 September. [http://allafrica. com/stories/201310020867.html?viewall=1%20http://www.bloomberg.com/news/2013-02-26/ethiopian-central-bank-order-maymean-more-t-bills-less-lending.html]. AFI (Alliance for Financial Inclusion). 2011. “Maya Declaration: Commitment made by the National Bank of Ethiopia”. 28 September. [http://www.afi-global.org/library/publications/maya-declaration-commitment-made-national-bank-ethiopia]. AFI. 2013. “Ethiopia approves mobile and agent banking regulatory framework”. 22 January. [http://www.afi-global.org/news/2013/1/22/ethiopia-approves-mobile-and-agent-banking-regulatory-framework]. Amha, Wolday, D. Peck, G. Berhane, Y. Aseffa and B. Kidanu. 2012. “Diagnostic Study of Providing Micro-Insurance Services to Low-Income Households in Ethiopia: An Input to a National Micro-Insurance Strategy”. International Food Policy Research Institute, Ethiopia Strategy Support Program II, February. [http://essp.ifpri.info/files/2013/06/ESSPII_EDRI_Report_MicroInsurance.pdf]. Amha, Wolday. 2015. “Ten year after: What is special about the development of financial cooperatives (SACCOs) in Ethiopia”. Presented at the Second Ethiopian Cooperatives Development Conference, 7 May, Hawassa. [http://agriprofocus.com/upload/Ten_year_after_-_What_is_ special_about_the_development_of_financial_cooperatives_(SACCOs)_in_Ethiopia_-_Wolday_Amha_(PhD)1431273265.pdf]. Boston University, Center for Finance, Law and Policy. “Ethiopia”. [http://www.bu.edu/bucflp/countries/ethiopia/]. September 2015. Commerical Bank of Ethiopia. “Savings Account”. [http://www.combanketh.et/DomesticBanking/Deposits/SavingsAccount.aspx]. Dashen Bank. 2015. “Savings Accounts”. [https://www.dashenbanksc.com/domesticschemes/savings-account.html]. Development Bank of Ethiopia. “Export Credit Guarantee(ECG)”. [http://www.dbe.com.et/home/index.php/services/export-credit-gurantee]. Federal Democratic Republic of Ethiopia. 2009. “MicroFinancing Business Proclamation No. 626/2009”. Federal Negarit Gazeta, 12 May. [http://www.bu.edu/bucflp/files/2012/07/MICRO-FINANCING-BUSINESS-626.pdf]. Federal Democratic Republic of Ethiopia. 2012. “Advertisement Proclamation No.759/2012”. Federal Negarit Gazeta, 27 August. [https://chilot.files.wordpress.com/2012/09/advertisement-proclamation.pdf]. FINclusion Lab. 2014. “Ethiopia”. [http://finclusionlab.org/country/Ethiopia]. International Finance Corporation. 2015. “Credit Bureau Program”. [http://www.ifc.org/wps/wcm/connect/REGION__EXT_Content/Regions/ Sub-Saharan+Africa/Advisory+Services/AccessFinance/Credit+Bureaus+Program/]. IMF (International Monetary Fund). 2012. “The Federal Democratic Republic of Ethiopia: Staff Report for the 2012 Article IV Consultation”. 27 August. [https://www.imf.org/external/pubs/ft/scr/2012/cr12287.pdf]. IMF. 2014. “The Federal Democratic Republic of Ethiopia: Staff Report for the 2014 Article IV Consultation”. 5 September. [https://www.imf.org/external/pubs/ft/scr/2014/cr14303.pdf]. Making Finance Work for Africa. 2014. “Ethiopia’s central bank sets up Financial Inclusion Council”. 17 December. [http://www.mfw4a.org/ news/news-details/article/2/ethiopias-central-bank-sets-up-financial-inclusion-council.html]. MFTransparency. 2011. “Country Summary: Ethiopia”. May. [http://www.mftransparency.org/wp-content/uploads/2012/05/MFT-RPT-101-ENCountry_Survey-Ethiopia.pdf]. Morley, Jane, and P. Walker, eds. 2015. “Country Risk Service: Ethiopia”. Economist Intelligence Unit (EIU), June. country.eiu.com/FileHandler. ashx?issue_id=1843279768&mode=pdf NBE (National Bank of Ethiopia). “About Us”. [http://www.nbe.gov.et/aboutus/faq.html]. NBE. “Frequently Asked Questions”. [http://www.nbe.gov.et/aboutus/faq.html]. NBE. “Remittance Service”. [http://www.nbe.gov.et/remittanceservice/index.html]. NBE. 1995. “The Insurance Brokers Code of conduct Directive No. SIB/011/1995”. [http://www.nbe.gov.et/pdf/directives/ insurancebusiness/9.pdf]. NBE. 2010a. “Bank Risk Management Guidelines (Revised)”. Bank Supervision Directorate, May. [http://nbe.gov.et/pdf/bankrisk/Rm%20 Guideline%20revised.pdf]. NBE. 2010b. “Customer Due Diligence of Banks Directives No. SBB/46/ 2010”. [http://www.nbe.gov.et/pdf/directives/bankingbusiness/sbb46-10.pdf]. NBE. 2010c. “Risk Management Guidelines (RMGs) for Microfinance Institutions”. Microfinance Institutions Supervision Directorate, September. [http://www.bu.edu/bucflp/files/2012/07/rmg-for-Microfinance.pdf]. NBE. 2012a. “Asset Classification and Provisioning for Development for Finance Institutions Directives No. SBB/52/2012”. [http://www.nbe.gov.et/pdf/directives/bankingbusiness/sbb-52-12.pdf]. NBE. 2012b. “Establishment and Operation of Credit Reference Bureau Directives No. CRB/01/2012”. [http://www.nbe.gov.et/pdf/directives/ creditreferencebureau/crb-01-2012.pdf].

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Ghana Interviews Amedofu, Philip. Head of Compliance. FirsTrust Savings and Loan Ltd. 13 August 2015. Belnye, Franklin. Banking Supervision Division Director. Bank of Ghana. 6 August 2015. Hini, Eli. Mobile Money Commercial Senior Manager. MTN Ghana. 13 August 2015. Kyei, Patrick. Head of Marketing. Opportunity International Savings and Loans Ghana. 13 August 2015.

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Gedzia, Dziedzorm. 2015. “Ecobank partners MasterCard”. Business & Financial Times, 18 June. [http://thebftonline.com/business/bankingfinance/14412/Ecobank-partners-Mastercard.html]. Ghana News Agency. 2013. “Ghana’s economy can’t develop without strong credit bureau – Expert”. 4 March. [http://www.modernghana.com/ news/449707/1/ghanas-economy-cant-develop-without-strong-credit-.html]. Ghana News Agency. 2014. “Bank of Ghana to introduce Deposit Protection Scheme”. 17 July. [http://www.ghananewsagency.org/economics/ bank-of-ghana-to-introduce-deposit-protection-scheme—77340]. Ghana News Agency. 2015. “Law on Consumer Protection passed”. 12 March. [http://www.ghanaweb.com/GhanaHomePage/NewsArchive/Lawon-Consumer-Protection-passed-349978]. Ghana Statistical Service. 2014a. “Ghana Living Standards Survey Round 6: Child Labor Report”. August. [http://www.statsghana.gov.gh/ docfiles/glss6/GLSS6_Child%20Labour%20Report.pdf]. Ghana Statistical Service. 2014b. “Ghana Living Standards Survey Round 6 (GLSS 6)”. August. [http://www.statsghana.gov.gh/docfiles/glss6/ GLSS6_Main%20Report.pdf]. Gyabaah, Nicholas. 2009. “Ghana’s National Strategy for Financial Literacy and Consumer Protection in the Microfinance Sector”. Ministry of Finance and Economic Planning, 7 September. [https://www.mfw4a.org/fileadmin/data_storage/documents/other-internal-documents/ Ghana_gyabaah.pdf]. IFC (International Finance Corporation). 2012. “Credit Reporting for Micro, Small, and Medium Enterprises”. Credit Reporting Knowledge Guide. [http://www.ifc.org/wps/wcm/connect/0f572a804dde8d028f9daf7a9dd66321/Credit+Reporting+lowres+NEW.pdf?MOD=AJPERES]. IFC. 2015. “Credit Bureau Program”. [http://www.ifc.org/wps/wcm/connect/REGION__EXT_Content/Regions/Sub-Saharan+Africa/ Advisory+Services/AccessFinance/Credit+Bureaus+Program/Bank of Ghana annual report]. International Monetary Fund (IMF). 2015. “IMF Country Report No. 15/103”. 20 March. [http://www.imf.org/external/pubs/ft/scr/2015/ cr15103.pdf]. Koomson, Isaac and Samuel Kobina Annim, and James Atta Peprah. 2014. Loan Refusal, Household Income and Savings in Ghana, 20 August. [http://mpra.ub.uni-muenchen.de/58049/]. Krampah, Seth, and Bernard Yaw Ashiadey. 2015. “BoG takes steps to protect depositors … quadruple stated capital of rural banks, MFIs”. Business & Financial Times, 8 July. [http://thebftonline.com/business/banking-finance/14563/BoG-takes-steps-to-protect-depositors%E2%80%A6quadruple-stated-capital-of-rural-banks-MFIs.html#sthash.3GGjfCZ6.dpuf]. Kratovac, Anesa. 2013. “Thirty Microfinance Institutions (MFIs) Close in Ghana”. MicroCapital, 22 August. [http://www.microcapital.org/ microcapital-brief-thirty-microfinance-institutions-mfis-close-in-ghana/]. Kunateh, Masahudu Ankiilu. 2014. “MTN to transfer Ghana to cash light economy”. The Ghana Chronicle, 15 August. [http://thechronicle.com. gh/bog-mtn-to-transform-Ghana-into-cash-light-economy/]. Kusi, Newman Kwadwo. 2015. “Ghana’s Fiscal Challenge and the IMF Bailout”. Economy of Ghana Network and Institute for Fiscal Studies Accra, 30 June. [http://www.egn.org.gh/images/docs/Fiscal_Challenge_and_the%20_MF_Bailout_30_June%20_2015-presentation.pdf]. McKay, Claudia, and Peter Zetterli. 2013. “Unintentional Consequences: Branchless Banking In Ghana”. Consultative Group to Assist the Poor (CGAP). [http://www.cgap.org/blog/unintentional-consequences-branchless-banking-ghana]. Meissner, Jan. 2012. “Promoting Microinsurance in Ghana Microinsurance as a Means of Insurance Sector Development”. National Insurance Commission (NIC), November. [http://www.microfinancegateway.org/sites/default/files/mfg-en-paper-promoting-microinsurance-inghana-microinsurance-as-a-means-of-insurance-sector-development-nov-2012.pdf]. MFTransparency. 2011. “Country Survey: Ghana”. December. [http://www.mftransparency.org/wp-content/uploads/2012/05/MFT-RPT-102EN-Country-Survey-Ghana.pdf]. MIX Market. 2015. “Ghana Market Profile”. Microfinance Information Exchange, Inc. [http://www.mixmarket.org/mfi/country/Ghana/ report#ixzz3fFkAfJVr]. Muthiora, Brian. 2015. “Regulatory reform: A conversation with the Bank of Ghana on the journey towards the new Guidelines for E-Money Issuers”. GSM Association (GSMA): Mobile Money for the Unbanked Series, 3 August. [http://www.gsma.com/mobilefordevelopment/ regulatory-reform-a-conversation-with-the-bank-of-ghana-on-the-journey-towards-the-new-guidelines-for-e-money-issuers]. NICGH (National Insurance Commission Ghana). 2006. “National Insurance Commission Guidelines on Applications for Approval of New and Repackaged Life Insurance Products”. [http://www.nicgh.org/live/images/photos/team/Life_Product_Guidelines.pdf]. NICGH. 2013. “Market Conduct (Microinsurance) Rules, 2013”. [http://www.nicgh.org/live/images/photos/downloads/Microinsurance%20 Market%20Conduct%20Rules.pdf].

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Ogbamey Tetteh, Nii. 2015. “NIC Improves Claim Payment”. Daily Guide Ghana. 30 March. [http://www.dailyguideghana.com/nic-improvesclaim-payment/]. Owusu-Nuamah, Patrick. 2014. “Collapse of microfinance companies: Companies shot themselves in the foot”. GhanaWeb, 14 February. [http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=300701]. Republic of Ghana. 2002. Act 612: Bank of Ghana Act, 2002. Republic of Ghana. 2004. Act 673: Banking Act, 2004. [http://www.bog.gov.gh/privatecontent/Banking/Banking_Acts/banking%20act%20 2004%20act%20673.pdf] Republic of Ghana. 2006. Act 724: Insurance Acts, 2006. Republic of Ghana. 2007. Act 725: Credit Reporting Act, 2007. [http://www.bu.edu/bucflp/laws/credit-reporting-act-no-726-consumerprotection-related/]. Republic of Ghana. 2008a. Act 773: Borrowers and Lenders Act, 2008. [http://www.bu.edu/bucflp/files/2012/01/Borrowers-and-Lenders-ActNo.-773.pdf]. Republic of Ghana. 2008b. Act 774: Non-Bank Financial Institutions Act, 2008. [http://www.bu.edu/bucflp/files/2012/01/Non-Bank-FinancialInstitutions-Act-No.-774.pdf]. Republic of Ghana. 2008c. Act 738: Banking (Amendment) Act, 2007. [http://www.bog.gov.gh/privatecontent/Banking/Banking_Acts/ banking%20amendment%20act%202007%20act%20738.pdf]. Salami, King A., and Mary Larmie. 2013. “Effectiveness of Bank of Ghana’s regulation and supervision of banks in Ghana”. Standard Research Journal of Business Management Vol. 1(3): 72-81. Standard Chartered, and BOG. 2014”.Strategic Payments Roadmap for Ghana”. [http://www.bog.gov.gh/privatecontent/Banking/National%20 Payments%20Strategy%20Final%20version.pdf]. World Bank. 2015a. “Global Financial Inclusion Database”. [http://databank.worldbank.org/data/reports.aspx?source=global-findex-(globalfinancial-inclusion-database)]. World Bank. 2015b. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. World Bank. 2015c. “Ease of Doing Business in Ghana”. Doing Business 2015. [http://www.doingbusiness.org/data/exploreeconomies/ ghana/].

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Guatemala Interviews Loewenthal, Arno. Consultant. 27 July 2015. López, Jim. Chief Financial Officer. Foundation for International Community Assistance (FINCA International), Guatemala. 23 July 2015. Sánchez, Edwin. La Fundacion para el Desarrollo Empresarial y Agricola (FUNDEA). 28 July 2015. Zelaya, Rocío. Marketing manager. Foundation for International Community Assistance (FINCA International), Guatemala. 23 July 2015.

References AFI (Alliance for Financial Inclusion). 2014. “Regulatory Approaches to Mobile Financial Services in Latin America”. August. [http://www.afi-global.org/sites/default/files/publications/afi_lac_special_report_en_annex_low_res.pdf]. 27 July 2015. AFI. 2015. “Estrada: SIB Guatemala’s Financial Inclusion Efforts and AFI”. [http://www.afi-global.org/library/publications/multimedia/estradasib-guatemalas-financial-inclusion-efforts-and-afi]. July 2015. Asociación de Defensa de los Usuarios de Tarjetas de Crédito. 2015. [http://www.tarjetasjustas.com/Quienes-Somos/]. July 2015. Axuán, Ricardo. 2012. “Impulsando la inclusión financiera”. Unpublished paper. Bank for International Settlements. 2014. “FSI Survey: Basel II. 2.5 and III Implmentation”. Financial Stability Institute, July. [http://www.bis.org/fsi/fsiop2014.pdf]. July 2015. BBC Mundo. 2015. “Detienen a Presidente de Banco Central por Presunta Corrupción”. 21 May. [http://www.bbc.com/mundo/ noticias/2015/05/150520_guatemala_arresto_banco_central_ao]. August 2015. Bloomberg. 2014. “Guatemala’s Centeno Top Lists for Central Bank President”. 5 September. [http://www.bloomberg.com/news/ articles/2014-09-05/guatemala-s-centeno-tops-lists-for-central-bank-president]. July 2015. Cooperativa COOSANJER MICOOPE. 2015. “Fondo de Garantia “. [http://www.coosanjer.com.gt/nosotros/fondo-de-garantia]. July 2015. CREDIREF. 2015. [https://www.crediref.com.gt/]. August 2015. Dirección de Atención y Asistencia al Consumidor (DIACO). 2014. “ Verificación interinstitucional en oficinas de ‘Chepe te Presta” zona 9”. 9 December. [http://www.diaco.gob.gt/diaco/images/pdf/2014_12_09_%20%20%20Verificacion_en_oficinas_de_Chepe_te_%20presta. pdf]. August 2015. Dirección de Atención y Asistencia al Consumidor (DIACO). 2015. “Ingreso y Consulta de Quejas”. [http://www.mineco.gob.gt/ingreso-yconsulta-de-quejas-diaco-0]. July 2015. EIU (Economist Intelligence Unit). 2012. “Country Finance: Guatemala”. EIU. 2013. Microscope Survey. June 2015. EIU. 2015. “Manuel Bandizón Maintains Strong Lead in Polls”. 9 June. [http://country.eiu.com/article.aspx?articleid=693234453&Country=Gua temala&topic=Politics&subtopic=Forecast&subsubtopic=Election+watch]. July 2015. Emisoras Unidas. 2015. “Recolectan Firmas para Respaldar Ley de Tarjetas de Crédito”. 10 June. [http://noticias.emisorasunidas.com/noticias/ nacionales/recolectan-firmas-para-respaldar-ley-tarjetas-credito]. July 2015. Infornet. 2015. [http://infor.net/portal/]. August 2015. Instituto Nacional de Estadística. 2015. [www.ine.gob.g]. July 2015. IMF (International Monetary Fund). 2014. “Guatemala: 2014 Article IV Consultation, Summary”. 18 September. [http://www.imf.org/external/ pubs/cat/longres.aspx?sk=41930.0]. July 2015. JM (Junta Monetaria de Guatemala). 2004. Resolución JM-46-2004 [http://infpb.sib.gob.gt/Leyes/#!ejecutiva]. August 2015. JM. 2005. Resolución JM-93-2005. 18 May. [http://www.sib.gob.gt/c/document_library/get_file?folderId=97057&name=DLFE-591.pdf]. August 2015. JM. 2010. Resolución JM-65-2010 [http://infpb.sib.gob.gt/Leyes/#!contenido]. July 2015. JM. 2011a. Resolución JM 1-2011, 5 January. [http://www.sib.gob.gt/c/document_library/get_file?folderId=260593&name=DLFE-8826.pdf]. July 2015. JM. 2011b. Resolución JM-120-2011, 17 July. [http://www.felaban.net/archivos_regulaciones/archivo20140717233952PM.pdf]. July 2015. JM. 2013. “Resolución JM-9-2013, Anteproyecto de Ley de Entidades de Microfinanzas y de Entes de Microfinanzas sin Fines de Lucro”. La Nación. 2014. “Incremento de Denuncias por Publicidad Engañosa”. 10 December. [http://www.lanacion.com.gt/incremento-de-denuncias-por-publicidad-enganosa/]. August 2015. MICOOPE. 2011. “Normativa Prudencial Aplicable a las Cooperativas Asociadas a la Administradora del Fondo de Garantía MICOOPE”. [www.woccu.org/Guatemala_Normativa_Prudenical_8_diciembre_2011]. July 2015. Multilateral Investment Fund. 2013. “The Landscape of Microinsurance in Latin America and The Caribbean”.

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Microrate. 2012. “Centrales Públicas de Riesgo, Burós de Crédito y el Sector Microfinanciero en America Latina”. October. [http://www. microrate.com/media/downloads/2013/04/MicroRate-Centrales-P%C3%BAblicas-de-Riesgo-Bur%C3%B3s-de-Credito-y-el-SectorMicrofinanciero-en-Am%C3%A9rica-Latina.pdf]. July 2015. MIX Market. 2015. “Guatemala Market Profile”. [www.mixmarket.org/mfi/country/Guatemala]. July 2015. Prensa Libre. 2015. “PDH Amonesta a 5 Empresas por Comercializar Datos Personales”. 3 February. [http://www.prensalibre.com/noticias/ comunitario/Procuraduria_de_Derechos_Humanos-Comercializacion_de_Datos-Datos_Personales_0_1296470546.html]. July 2015. Republic of Guatemala. 2001. “Decree 19-2001”. 15 May. [www.banguat.gob.gt/leyes/2002/bancos.pdf]. July 2015. Republic of Guatemala. 2003. “Decreto 06-2003, Ley de Protección al Consumidor y Usuario”. [http://www.wipo.int/wipolex/es/text.jsp?file_ id=235834]. August 2015. Secretaria Ejecutiva del Consejo Monetario Centroamericano. 2013. “El Fondo de Seguro de Depósito en la Estabilidad Financiera en Centroamérica, Republica Domicana y Panama”. [http://www.secmca.org/NOTAS_ECONOMICAS/articulo64MAY2013.pdf]. July 2015. SMART Campaign. 2015. “Guatemala”. [http://smartcampaign.org/tools-a-resources/623]. August 2015. SIB (Superintendencia de Bancos de Guatemala). 2011. Acuerdo 25-2011, 14 October. [http://infpb.sib.gob.gt/Leyes/#!contenido]. July 2015. SIB. 2014a. Acuerdo 6-2014. 13 March. SIB. 2014b. “Memoria de Labores. 2012-2013”. [http://www.sib.gob.gt/web/sib/superintendencia/memoriadelabores2012-2013]. August 2015. SIB. 2015a. “Atención al Usuario”. [http://www.sib.gob.gt/web/sib/atencion-al-usuario]. July 2015. SIB. 2015b. “Boletín Anual de Estadísticas de la Actividad Asegurodora del Año 2014”. [http://www.sib.gob.gt/web/sib/Boletin-Anual-deEstadisticas-de-la-Actividad-Aseguradora]. July 2015. SIB. 2015c. “Boletín de Inclusión Financiera: Sistema Bancario, Informacion Referida al 31 de Marzo de 2015”. 31 March. [http://www.sib.gob.gt/web/sib/Boletin-Trimestral-de-Inclusion-Financiera]. July 2015. SIB. 2015d. “Boletín Mensual de Estadísticas del Sistema Financiero”. June. [http://www.sib.gob.gt/c/document_library/get_file?folderId=25 26335&name=DLFE-20504.pdf]. July 2015. SIB. 2015e. “Cuadro-Resúmen de Quejas y/o Gestiones de Usuarios de Servicos Financieros por Tipologia”. July 2015. SIB. 2015f. “Educación Financiera”. [http://www.sib.gob.gt/web/sib/educacion-financiera/ABC-de-Educacion-Financiera]. July 2015. SIB. 2015g. “Formulario para Inicio de Relaciones Simplificado”. July 2015. SIB. 2015h. “Información del Sistema Financiero: Tasa de Interés Promedio Ponderada de Cartera de Créditos”. [http://www.sib.gob.gt/web/ sib/informacion_sistema_financiero/promedio-ponderado-economico]. July 2015. SIB. 2015i. “Modalidades de los Hechos Denunciados”. July 2015. SIB. 2015j. “Normativa: Preguntas Frecuentes”. [http://www.sib.gob.gt/web/sib/normativa/preguntas?p_p_id=86&p_p_action=1&p_p_ state=normal&p_p_mode=view&p_p_col_id=&p_p_col_pos=2&p_p_col_count=5&]. July 2015. SIB. 2015k. “Mapa del Sitio”. [http://www.sib.gob.gt/web/sib/mapa]. August 2015. SIB. 2015l. “Organigrama Completo”. [http://www.sib.gob.gt/web/sib/superintendencia/organizacion?p_p_id=15&p_p_action=1&p_p_ state=normal&p_p_mode=view&p_p_col_id=&p_p_col_pos=0&p_p_col_count=1&]. August 2015. SIB. 2015m. “Preguntas Frequentes: Que es el Comite de Basilea?”. [www.sib.gob.gt, http://www.sib.gob.gt/web/sib/comite-basilea]. July 2015. SIB. 2015n. “Recomendaciones”. July 2015. SIB. 2015o. “Tipología”. July 2015. Tigo Money. 2015. “Preguntas Frecuentes”. [https://www.tigo.com.gt/tigo-money/preguntas-frecuentes]. August 2015. TransUnion Centroamérica. 2015. “Sus Derechos”. [http://www.transunioncentroamerica.com/personal/crLearningCenter/yourRights_ es.html]. August 2015. UNICEF. 2015. “At a Glance: Statistics, Guatemala Statistics”. [http://www.unicef.org/infobycountry/guatemala_statistics.html]. July 2015. World Bank. 2015. “Doing Business in Guatemala: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/guatemala]. July 2015.

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Haiti Interviews Baptiste, Evans. Business Development Manager. Sogesol. 21 August 2015. Boyer, Marie Laurence. Direction de l’Inspection Générale des Caisses Populaires. Banque de la République d’Haïti. 29 August 2015. Brown, Matthew. Chief executive officer. Sevis Finansye Fonkoze, S.A. 28 August 2015. Buchenau, Juan. Senior Specialist. International Finance Corporation (IFC). 28 August 2015. Denizé, Ralph P. Principal Private Sector Development Specialist. Inter-American Development Bank (IDB). 28 August 2015.

References Almazan, Mireya, and J. Frydrych. 2015. “Mobile financial services in Latin America & the Caribbean: State of play, commercial models, and regulatory approaches”. Groupe Speciale Mobile, May. [http://www.gsma.com/mobilefordevelopment/wp-content/ uploads/2015/05/2015_GSMA_Mobile-financial-services-in-Latin-America-the-Caribbean.pdf ]. July 2015. BRH (Banque de le Republique d’Haiti). 2010. “Lignes Directrices Relatives À La Banque À Distance.” September. July 2015. BRH. “Projet de Stratégie Nationale d’Inclusion Financière”. Working paper. BRH. “Projet de Stratégie Nationale d’Inclusion Financière Personal interviews, 2015.” Working paper. Caribbean Journal. 2012. “Digicel Acquires Haitian Firm Voila”. 2 April. [http://caribjournal.com/2012/04/02/digicel-acquires-haitian-firmvoila/]. July 2015. Consultative Group to Assist the Poor (CGAP). 2014. “Haïti: Lancement D’un Bureau d’information Sur Le Credit”. 14 October. [http://www. microfinancegateway.org/fr/announcement/ha%C3%AFti-lancement-d%E2%80%99un-bureau-d%E2%80%99information-sur-lecr%C3%A9dit]. July 2015. International Finance Coorporation. 2014. “Haiti Develops First Credit Reporting System To Increase Access to Finance”. World Bank, 21 October. [http://ifcext.ifc.org/ifcext/pressroom/ifcpressroom.nsf/0/D5C7613FCED13DF185257D7A006B1088?opendocument]. July 2015. IMF (International Monetary Fund). 2013. “2012 Article IV Consultation and Fifth Review Under the Extended Credit Facility”. IMF Country Report No. 13/90, 21 February. [https://www.imf.org/external/pubs/ft/scr/2013/cr1390.pdf]. IMF. 2015a. “Haiti: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding”. 4 May. [http://www.imf.org/external/np/loi/2015/hti/050415.pdf]. IMF. 2015b. “Haiti: Selected Issues”. 6 May. [http://www.imf.org/external/pubs/ft/scr/2015/cr15158.pdf]. IMF. 2015c. “Staff Report for the Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility”. 28 May. [https://www.imf.org/external/pubs/ft/scr/2015/cr15157.pdf]. Werlin, Steven. 2015. “Pathway to a Better Life for Haiti’s Disabled”. Center for Financial Inclusion Blog, 27 January. [http://cfi-blog.org/2015/01/27/pathway-to-a-better-life-for-haitis-disabled/]. July 2015. World Bank. 2015. “Overview: National Financial Inclusion Strategies”. 19 February. [http://www.worldbank.org/en/topic/financialinclusion/ brief/national-financial-inclusion-strategies]. July 2015.

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Honduras Interviews Lagos, Juan José. President. Fundación José María Covelo. 8 August 2015. Sánchez, Raúl. General Manager. Red Katalysis. 11 August 2015. de Euceda, Santa. General Manager. ODEF Financiera, SA. 10 August 2015.

References Alliance for Financial Inclusion (AFI). 2014. “Maya Declaration: Commitment made by La Comisión Nacional de Bancos y Seguros (Honduras)”. 16 October. [http://www.afi-global.org/library/publications/maya-declaration-commitment-made-la-comision-nacional-de-bancos-yseguros]. (BCH) Banco Central de Honduras. 2010a. “Cámara de Compensación Electrónica de Cheques CCECh”. [www.bch.hn/camara_ccech_snp2010.php]. BCH. 2010b. “Cámara de Compensación Transacciones Electrónicas de Pago ACH”. [http://www.bch.hn/camara_ach_snp2010.php]. BCH. 2014. “Mecanismos Actuales de Funcionamiento ACH”. [www.bch.hn/mecanismos_ach.php]. CNBS (Comisión Nacional de Bancos y Seguros). 2003. “Circular CNBS No.054/2003”. [http://cahda.org/files/circulares/2003/C0542003.htm]. CNBS. 2012a. “Normas Complementarias de Transparencia”. [nct.cnbs.gov.hn/]. CNBS. 2012b. “Organizaciones Privadas de Desarrollo Financieras (OPDF)”. 19 November. [http://www.cnbs.gob.hn/index.php/ superintendencias/2012-10-26-20-46-52/organizaciones-opdf-s]. CNBS. 2012c. “Resolución 1769: Reforma las Normas Complementarias para el Fortalecimiento de la Transparencia, la Cultura Financiera y Atención al Usuario Financiero en las Instituciones Supervisadas”. 12 November. [http://www.cnbs.gov.hn/files/circulares/CNBS2012/ C141_2012.pdf]. CNBS. 2012d. “Resolución GE No.1768: Reforma las Normas para el Fortalecimiento de la Transparencia, la Cultura Financiera y Atención al Usuario Financiero en las Instituciones Supervisadas”. 12 November. [http://www.cnbs.gob.hn/files/circulares/CNBS2012/C140_2012.pdf]. CNBS. 2013a. “Resolución No.2510/16-12-2013 Aprobar las Normas sobre la Autorización y Funcionamiento de Agentes Corresponsales”. 17 December. [http://www.cnbs.gob.hn/files/CIRCULARES/CNBS2013/C251-2013.pdf]. CNBS. 2013b. “Decreto 174/2013”. [www.cnbs.gob. hn/files/leyes/ley_opd.pdf]. CNBS. 2013c. “Resolución No.2511: Aprobar las Normas para Apertura, Manejo y Cierre de Cuentas Básicas de Depósito de Ahorro en Instituciones Supervisadas.” 17 December. [http://www.cnbs.gob.hn/files/CIRCULARES/CNBS2013/C252-2013.pdf]. CNBS. 2013d. “Boletin Inclusion Financiera 2013”. [http://www.cnbs.gob.hn/files/boletines/BoletinInclusionFinanciera2013.pdf]. CNBS. 2014a. “Memoria Anual 2014”. [http://www.cnbs.gob.hn/files/memoria/Memoria_2014.pdf]. CNBS. 2014b. “Sobre Nosotros”. [www.cnbs.gob.hn/index.php/sobre-nosotros-top]. CNBS. 2014c. “Comunicado instituciones”. [http://www.cnbs.gob.hn/files/boletines/ComunicadoINSTITUCIONES.pdf]. CNBS. 2015a. “CNBS socializa estrategia nacional de inclusión financiera”. [http://www.cnbs.gob.hn/files/Protocolo/Talleres%20de%20 SocializaciOn%20de%20la%20Propuesta%20de%20la%20Estrategia%20Nacional%20de%20InclusiOn%20Financiera.pdf]. CNBS. 2015b. Portal de Educación Financiera. [http://dpuf.cnbs.gob.hn]. CNBS. 2015c. “Circular 011/2015”. [http://www.cnbs.gob.hn/files/CIRCULARES/CNBS2015/C011-2015.pdf]. Comisión Nacional de Telecomunicaciones. 2015. “Estudio de Banca Móvil y Dinero Móvil en Honduras”. [http://www.conatel.gob.hn/doc/ indicadores/2015/Estudio_Dinero_Movil.pdf]. Deutsche Gesellschaft für Technische Zusammenarbeit. 2003. “Regulatory requirements for microfinance: a comparison of legal frameworks in 11 countries worldwide”. [http://www.bu.edu/bucflp/files/2012/08/Regulatory-Requirements-for-Microfinance.pdf]. Dirección de Protección al Usuario Financiero. 2013. “Como presentar un reclamo”. [dpuf.cnbs.gob.hn/usuarioFinanciero/presentarReclamo]. EIU (Economist Intelligence Unit). 2014. Global Microscope on Microfinance. EIU. 2015. Country Risk Service: Honduras. August. La Gaceta, Diario Oficial. 2000. “Poder Legislativo, Decree 229-2000”. November. [http://www.cnbs.gob.hn/files/leyes/ley_opd.pdf]. La Gaceta, Diario Oficial. 2004. “Poder Legislativo, Decree 106-2004”. 22 September. [http://www.poderjudicial.gob.hn/CEDIJ/Documents/ Decreto%20106-2004%20Reforma%20arts%20Fosede.pdf]. La Gaceta, Diario Oficial. 2014. “Poder Legislativo, Decree 174-2013”. [www.cnbs.gob.hn/files/leyes/DECRETO_No.174_2013_REFORMAS_A_ LOS_ARTICULOS_ QUE_CONTIENE_LA_LEY_DE_COOPERATIVAS_DE_HONDURAS.pdf]. La Gaceta, Diario Oficial. 2015: “Ley Especial Contra el Delito del Lavado de Activos”. [http://www.bch.hn/download/juridico/leyes/ley_lavact. pdf].

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HSBC Global Connections. 2012. “Treasury Management Profiles: Honduras”. [https://globalconnections.hsbc.com/us/en/tools-data/treasurymanagement-profiles/hn]. International Centre for Not-For-Profit Law. 2015. “NGO Law Monitor: Honduras”. 26 August. [http://www.icnl.org/research/monitor/ honduras.html]. International Financial Law Review. 2012. “Financial consumer protection regulation in Honduras”. 1 March. [http://www.iflr.com/ Article/2987979/Financial-consumer-protection-regulation-in-Honduras.html]. International Financial Reporting Standards Foundation (IFRS). 2015. “Financial Reporting Standards for the World Economy: June 2015”. June. [http://www.ifrs.org/Use-around-the-world/Documents/Financial-Reporting-Standards-World-Economy-June-2015.pdf]. Lexmundi. “International Guide to Doing Business in Honduras”. [www.lexmundi.com/Document.asp?DocID=7235]. McCord, M.J., and K. Biese. 2014. “The Landscape of Microinsurance in Latin America and the Caribbean – 2014: Preliminary Briefing Note”. MicroInsurance Centre, 1 December. [http://www.microinsurancecentre.org/resources/documents/market-development/supply-studies/ the-landscape-of-microinsurance-in-latin-america-and-the-caribbean-2014-preliminary-briefing-note.html]. MIX Market. 2012. “Honduras Market Profile”. [www.mixmarket.org/mfi/country/ Honduras]. Programa de Tecnologías para la Inclusión Financiera. 2013. “Banca Corresponsal e Inclusión Financiera: Modelos de negocio en America Latina”. September. [http://www.caf.com/media/1634553/02_ informe_modelos_de_negocio_cnb.pdf]. Rodríguez, Luis. 2015. “Seguro cubre hasta 208,680 lempiras”. El Nuevo Herald, 10 February. [http://www.elheraldo.hn/ economia/793520-216/seguro-cubre-hasta-208680-lempiras]. Secretaria Ejecutiva del Consejo Monetario Centroamericano. 2001. “Colección de Leyes Regionales: Ley de Seguros de Depósitos en Instituciones del Sistema Financiero, Decreto No. 53-2001 Honduras”. [http://www.secmca.org/LEGISLACION/HN/LSDHonduras.pdf] Simon, Pascal. 2012 “Mobile Money Scoping Country Report: Honduras”. International Finance Corporation, 15 May. [http://www-wds. worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/03/18/000406484_20150318152305/Rendered/PDF/950100WP0Bo x380orts0Honduras0Public.pdf] World Bank. 2007. “Retail Payment Systems to Support Financial Access: Infrastructure and Policy”. May. [http://www.forodepagos.org/pdf/ RPS-SPBV.pdf] World Bank. 2011. “General Principles for Credit Reporting”. World Bank. 2014. “Global Financial Inclusion Index”. [http://datatopics.worldbank.org/financialinclusion/country/honduras]. World Bank. 2015. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/honduras#getting-credit].

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India Interviews Datta, Arindom. Senior Director and Head, Rabobank, Rural & Development Banking/Advisory. 21 July 2015. Misra, Alok. Chief Executive Officer. Micro Credit Ratings International Limited. 20-21 July 2015. Sharma, Vipin. Chief Executive Officer. ACCESS Development Services. 20 July 2015.

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Mission of Pradhan Mantri Jan-Dhan Yojna. 2015. [http://pmjdy.gov.in/pmjdy_mission.aspx]. August 2015. National Consumer Disputes Redressal Commission. Website. [http://ncdrc.nic.in]. August 2015. Pension Fund Regulatory and Development Authority (PFRDA). “About PFRDA”. [http://www.pfrda.org.in/index1.cshtml?lsid=177]. August 2015. Planning Commission. 2008. “Broadening Access to finance: In A hundred small steps”. New Delhi. [http://planningcommission.nic.in/reports/genrep/rep_fr/ch3_fr.pdf]. August 2015. Rajalakshmi, P. A. Indira. 2013. “Micro insurance, macro problems”. The Hindu, Business Line, 7 September. [http://www.thehindubusinessline.com/opinion/micro-insurance-macro-problems/article5176253.ece]. August 2015. RBI (Reserve Bank of India). “About Us”. [http://rbi.org.in/scripts/AboutusDisplay.aspx]. August 2015. RBI. “Frequently asked questions, NBFC – MFIs”. [https://www.rbi.org.in/Scripts/FAQView.aspx?Id=102]. August 2015. RBI. “Guidelines for Licensing of Small Finance Banks in the Private Sector”. [https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=2901]. August 2015. RBI. “Index to RBI circulars”. [https://www.rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=2718]. August 2015. RBI. “Master circular, NBFC- MFIs – Directions”. [https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9012]. August 2015. RBI. “Notifications”. [https://www.rbi.org.in/commonman/English/Scripts/AgainstBank.aspx]. August 2015. RBI. “Notifications, Priority sector lending -Targets and classification”. [https://rbi.org.in/Scripts/NotificationUser.aspx?Id=9688&Mode=0]. August 2015. RBI. “Overview of Payment Systems in India”. [http://www.rbi.org.in/scripts/PaymentSystems_UM.aspx]. August 2015. RBI. “Payment and Settlement Systems, Overview”. [https://rbi.org.in/scripts/FS_Overview.aspx?fn=9]. August 2015. RBI. 2001”.Guidelines on entry of new banks in the private sector”. Press Release. 3 January. [https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=4350]. August 2015. RBI. 2003. “Guidelines on Fair Practices Code for Lenders”. 5 May. [https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=1172&Mode=0]. RBI. 2006a. “The Banking Ombudsman Scheme”. [https://www.rbi.org.in/commonman/English/Scripts/AgainstBank.aspx”. August 2015. RBI. 2006b. “RBI circular on Financial Inclusion by Extension of Banking Services - Use of Business Facilitators and Correspondents”. 25 January. [https://www.rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=2718]. August 2015. RBI. 2008a. “Notification, Grievance Redressal Mechanism in banks”. 2 May. [https://www.rbi.org.in/commonman/English/Scripts/Notification.aspx?Id=345]. August 2015. RBI. 2008b. “Financial Inclusion”. In Report on currency and finance. 4 September. [https://www.rbi.org.in/scripts/PublicationsView. aspx?id=10494]. August 2015. RBI. 2010. “Notification, Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs)”. 28 September. [https://rbi.org.in/scripts/NotificationUser.aspx?Id=6017&Mode=0]. August 2015. RBI. 2012a. “Master circulars, Master Circular – Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA”. 2 July. [https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails. aspx?Id=7361&Mode=0#sma]. August 2015. RBI. 2012b. “Notification, Financial Inclusion by Extension of Banking Services - Use of Business Correspondents (BCs)”. 2 March. [https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7038&Mode=0]. August 2015. RBI. 2012c. “Payment Systems in India: Vision 2012-15”. 1 October. [http://rbi.org.in/scripts/PublicationVisionDocuments.aspx?ID=678]. August 2015. RBI. 2013a. “Notifications, Relaxations in Branch Authorisation Policy”. 21 October. [https://www.rbi.org.in/scripts/NotificationUser. aspx?Id=8518&Mode=0]. August 2015. RBI. 2013b. “Notification, Guidelines on Fair Practices Code for NBFCs – Grievance Redressal Mechanism - Nodal Officer”. 18 February. [https://rbi.org.in/scripts/NotificationUser.aspx?Id=7866&Mode=0]. August 2015. RBI. 2013c. “Master Circulars, Master Circular on Credit Card, Debit Card and Rupee Denominated Cobranded Prepaid Card operations of banks”. 1 July. [https://rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8087]. August 2015. RBI. 2013d. “Master circulars, Master circulars on Maintenance of Statutory Reserves -Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio by Primary (urban) Co-operative Banks”. 1July. [https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8126]. August 2015. RBI. 2013e. “Master circular, Prudential guidelines on Capital Adequacy and Market Discipline”. 1 July. [https://rbidocs.rbi.org.in/rdocs/ notification/PDFs/72BI010713FB.pdf]. August 2015. RBI. 2014a. “Annual Report”. 21 August. [https://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1122]. August 2015. RBI. 2014b. “Guidelines for Licensing of Payment Banks”. Press Release. 27 November. [https://www.rbi.org.in/Scripts/BS_ PressReleaseDisplay.aspx?prid=32615]. August 2015. RBI. 2014c. “Report of committee on comprehensive financial services for small businesses and low income households”. 7 January. [http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CFS070114RFL.pdf]. August 2015. RBI. 2014d. “Updated: Master circular on Foreign Investments in India”. 18 June. [http://rbidocs.rbi.org.in/rdocs/notification/ PDFs/15MCNFDI270613.pdf]. August 2015.

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RBI. 2014e. “Revised Regulatory Framework for NBFC”. Notification. 10 November. [https://rbi.org.in/scripts/NotificationUser.aspx?Id=9327]. August 2015. RBI. 2014f. “Master circulars, NBFC - MFIs – Directions”. 1 July. [https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9012]. August 2015. RBI. 2014g. “Master circulars, Master Circular on Customer Service in Banks”. 1 July. [https://www.rbi.org.in/scripts/BS_ ViewMasCirculardetails.aspx?id=9008#41]. August 2015. RBI. 2014h. “Master circulars, Master Circular on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and NonResident (External) (NRE) Accounts”. 1 July. [https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9059#CT6]. August 2015. RBI. 2014i. “Master Circular on Branch Authorisation”. 1 July. [https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9014]. August 2015. RBI. 2014j. “Financial Inclusion by Extension of Banking Services – Use of Business Correspondents”. Index to RBI circular. 24 June 24. [https://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=8955]. August 2015. RBI. 2014k. “RBI releases Guidelines for Licensing of Payments Banks”. Press Release. 27 November. [https://www.rbi.org.in/Scripts/BS_ PressReleaseDisplay.aspx?prid=32615]. August 2015. RBI. 2015a. “Notifications, Interest Rates on Deposits”. 16 April. [https://rbi.org.in/Scripts/NotificationUser.aspx?Id=9665&Mode=0]. RBI. 2015b. “Master circulars, Prudential norms on Capital Adequacy - Basel I framework”. 1 July. [https://rbi.org.in/Scripts/BS_ ViewMasCirculardetails.aspx?id=9894]. August 2015. RBI. 2015c. “FAQs, Basic Savings Bank Deposit Accounts”. [https://www.rbi.org.in/Scripts/FAQView.aspx?Id=96]. August 2015. Republic of India. 2005. “Credit Information Companies (Regulation) Act”. Government of India. [http://www.equifax.com/international/india/ pdfs/Credit_Information_Companies_Act.pdf]. August 2015. Republic of India. 2013a. “The Companies Act”. [http://www.mca.gov.in/Ministry/pdf/CompaniesAct2013.pdf]. August 2015. Republic of India. 2013b. “Financial sector in India, Regulations and reforms”. August. [http://164.100.47.134/intranet/financialsectorinindia. pdf]. August 2015. Adukia, Rajkumar S. “Handbook on laws governing formation and administration of charitable organisations in India”. Adukia & Associates. [http://www.caaa.in/Image/hb-charitable_org.pdf]. August 2015. Republic of India. 2014. “Settlement of Insurance Claims”. Minstry of Finance, Lok Sabha Secretariat. [http://164.100.47.132/LssNew/psearch/ QResult16.aspx?qref=4828]. August 24. 2015 Security Exchange Board of India. Directory Listing. [http://www.sebi.gov.in/sebiweb/]. August 2015. SIDBI Credit Bureau. “SHG data reporting”. [http://sidbi.in/sites/default/files/psig/Credit_Bureau_System_for_SHG_Data_Reporting.pdf ; Accessed August 24,2015 ; The Economic Times. 2015. “Insurance cos can hire agents without IRDA license from April 1”. 26 February. [http://articles.economictimes. indiatimes.com/2015-02-26/news/59541686_1_life-insurance-industry-insurance-sector-irda]. August 2015. The Economic Times. 2010. “Are corporates ready for IFRS?”. 7 April 7th. [http://www.peerpower.com/et/debate/29/Are-corporates-ready-forIFRS-]. The Hindu. 2015. “RBI allows differential interest rate for term deposits above Rs. 15 lakh”. 16 April. [http://www.thehindu.com/business/ Industry/rbi-allows-differential-interest-rate-on-deposits/article7108995.ece]. August 2015. The Indian Express. 2015. “RBI planning to implement interoperable cash transfer”. 22 April. [http://indianexpress.com/article/business/ banking-and-finance/rbi-planning-to-implement-interoperable-cash-transfer/#sthash.Rq8YdW9F.dpuf]. August 2015. World Bank. 2015a. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. August 2015. World Bank. 2015b. “While India’s Economy has Turned the Corner, Wider Reforms are Needed to Boost Economic Growth”. 28 April 28. [http://www.worldbank.org/en/news/feature/2015/04/28/india-economy-turned-corner-wider-reforms-needed-boost-economicgrowth]. August 2015. World Bank. 2015c. “India development update : towards a higher growth path”. 1 April. [http://documents.worldbank.org/curated/ en/2015/04/24423685/india-development-update-towards-higher-growth-path]. August 2015.

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Indonesia Interviews Banno, Christian. Chief Executive Officer. Bina Artha. 30 July 2015. Joyce, Michael. Consultant. 30 July 2015. Additional sources wished to remain anonymous.

References AFI (Alliance for Financial Inclusion). 2009. “Principal Members: Bank Indonesia”. [http://www.afi-global.org/afi-network/members/bank-indonesia]. AFI. 2011. “Maya Declaration on Financial Inclusion”. 30 September. [http://www.afi-global.org/sites/default/files/ mayadeclaration_30sep2011.pdf?op=Download]. BI (Bank Indonesia). 2006. “Regulation PBI 8/26/2006 pertaining to BPR Bank Indonesia Regulation PBI 15/3/PBI/2013 pertaining to BPR Transparency”. BI. 2009. “External Circular Letter No.11/3/DPNP”. 27 January. BI. 2011. “Regulation PBI No.13/14/PBI/2011 pertaining to asset quality valuation”. BI. 2013a. “Inaccurateness of IDI History Data”. [http://www.bi.go.id/en/moneter/biro-informasi-kredit/ketidaksesuaian-idi-historis/ Contents/Default.aspx], 2015. BI. 2013b. “Indonesian Banking Booklet”. Bank Licensing and Banking Information Department, April. [http://www.bi.go.id/en/publikasi/ perbankan-dan-stabilitas/booklet-bi/Documents/1ad2894aaba040bd8eb1923fe8ee97a6BPI2013English.pdf]. BI. 2013c. “Credit Bureau”. [http://www.bi.go.id/en/moneter/biro-informasi-kredit/Contents/Default.aspx]. BI. 2013d. “Crisis Management: Deposit Insurance Company”. [http://www.bi.go.id/en/tentang-bi/manajemen-krisis/lembaga-penjaminsimpanan/Contents/Default.aspx]. BI. 2014a. “Regulation No. 16/8/PBI/2014 (“Amendment”) on Amendment to Bank Indonesia Regulation No. 11/12/PBI/2009 (“Regulation”) on Electronic Money”. [http://www.bi.go.id/id/peraturan/system-pembayaran/Documents/PBI%20No.16_8_PBI_2014.pdf]. BI. 2014b. “Explanation of Regulation No. 16/8/PB/2014”. [http://www.bi.go.id/id/peraturan/sistem-pembayaran/Documents/ Penjelasan%20PBI%20No.16_8_PBI_2014.pdf]. BI. 2014c. “Kredit UMKM 2013”. [http://www.bi.go.id/id/umkm/kredit/data/Default.aspx]. July 2015. BI. 2014d. “Indonesian Banking Booklet”. Bank Licensing and Banking Information Department, March. [http://www.bi.go.id/en/publikasi/ perbankan-dan-stabilitas/booklet-bi/Documents/BPI%20Tahun%202014%20versi%20Bahasa%20Inggris-upload.pdf]. Bank Rakyat Indonesia. 2015. “Balance Sheets”. 30 June. [http://media.corporate-ir.net/media_files/IROL/14/148820/1H_2015_Quarterly_ Financial_Statement.pdf]. BP Lawyers. 2015. “Revision to regulation on electronic money”. 13 October. [http://www.bplawyers.co.id/revision-regulation-on-electronicmoney/]. Economist Intelligence Unit (EIU). 2015. “Indonesia Country Profile”. [http://country.eiu.com/Indonesia]. Financial Services Authority of Indonesia . 2013. “OJK Rule No.1/POJK.07/2013 Pertaining to Consumer Protection”. 26 July. [http://www.scribd.com/doc/171351025/Perojk-No-1-POJK-07-2013-Indonesia-Financial-Consumer-Protection-Wishnu-Basuki#scribd]. Hukum online. 2013. “OJK Susun Standar Akutansi Mikro”. 22 October. [http://www.hukumonline.com/berita/baca/lt526664463504e/ojksusun-standar-akuntansi-keuangan-mikro]. Inclusive Insurance Asia. 2014a. “GIZ supports Indonesia in the Launch of Microtakaful Prototype Product, ‘Si Bijak’”. [http://inclusiveinsuranceasia.com/news-si-bijak.html]. Inclusive Insurance Asia. 2014b. “Conference Report”. Summary of the 2014 Microtakaful Conference Indonesia, Jakarta, 24 April. [http://inclusiveinsuranceasia.com/docs/Conference%20Report_Microtakaful%20Conference_FINAL.pdf]. Indotelko. 2015. “Indonesian Internet Penetration Difficult to Meet MDGs Target”. 31 March. [http://www.indotelko.com/ kanal?c=ev&it=Indonesian-Internet-Penetration-Dificult-to-Meet-MDGs-Target]. Internet Live Stats. 2014. “Indonesia internet users”. 1 July. [http://www.internetlivestats.com/internet-users/indonesia/]. KPMG. 2015. “New Indonesian ‘Branchless Banking’ and Microfinance Laws - a catalyst for microfinance growth?”. [http://www.kpmg.com/ID/en/IssuesAndInsights/ArticlesPublications/Documents/Financial%20Inclusion%20in%20Indonesia.pdf]. LPS (Lembaga Penjamin Simpanan). 2011a. “Membership”. [http://www.lps.go.id/web/guest/kepesertaan]. LPS. 2011b. “Insured Deposit”. 21 November. [http://www.lps.go.id/en/web/guest/simpanan-yang-dijamin]. Malay Mail Online. 2014. “Indonesia regulator ponders cap on micro lending interest rates to boost SMEs”. 22 September. [http://www.themalaymailonline.com/money/article/indonesia-regulator-considers-capping-micro-lending-interest-rates].

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Mobile Money Asia. 2014. “New e-money regulations in Indonesia”. 17 April. [http://www.mobilemoneyasia.org/2014/04/new-e-moneyregulations-in-indonesia.html]. Mondaq. 2014. “Indonesia: New technical guidelines on marketing financial services products in Indonesia”. 7 November. [http://www.mondaq. com/x/352594/Financial+Services/New+technical+guidelines+on+marketing+financial+services+products+in+Indonesia]. Muchlasin, Moch. 2013. “Supporting Market Development: The Regulator’s Perspective.” OJK. [http://inclusiveinsuranceasia.com/docs/ landscape-study-2013/session2/MLSAO_S2_Regulators_Indonesia_Muchlasin.pdf]. OJK (Indonesia Finanical Services Authority). 2005. “OJK circular letter to bankers on branchless banking”. 6 February. [http://www.ojk.go.id/surat-edaran-otoritas-jasa-keuangan-nomor-6-seojk-03-2015]. OJK. 2011. “Law No.21 on Financial Services Authority”. [http://www.ojk.go.id/en/law-no-21-of-year-2011-on-financial-services-authority]. OJK . 2013a. “Consumer: Education and Protection”. [http://www.ojk.go.id/en/consumer]. OJK. 2013b. “OJK Rule no. 1/POJK.07/2013”. [http://www.scribd.com/doc/171351025/Perojk-No-1-POJK-07-2013-Indonesia-FinancialConsumer-Protection-Wishnu-Basuki#scribd]. OJK. 2013c. “OJK Rule no. 1/POJK.07/2013; Article 32-39”. [http://www.scribd.com/doc/171351025/Perojk-No-1-POJK-07-2013-IndonesiaFinancial-Consumer-Protection-Wishnu-Basuki#scribd]. OJK. 2013d. “OJK Rule no. 1/POJK.07/2013; Chapter III, Article 40-46”. [http://www.scribd.com/doc/171351025/Perojk-No-1-POJK-07-2013Indonesia-Financial-Consumer-Protection-Wishnu-Basuki#scribd]. OJK. 2013e. “OJK Rule POJK No. 1/POJK.07/2013 pertaining to consumer protection”. [http://www.scribd.com/doc/171351025/Perojk-No-1POJK-07-2013-Indonesia-Financial-Consumer-Protection-Wishnu-Basuki#scribd]. OJK. 2014. “OJK regulation (in Bahasa Indonesia) on branchless banking for financial inclusion”. 19 November. [http://peraturan.go.id/inc/vie w/11e4bbbbf5aeefb8b64a303732373438.html]. OJK. 2015. “OJK circular on guidelines and analysis of consumer protection in the financial services sector”. July. [http://www.ojk.go.id/suratedaran-dewan-komisioner-nomor-2-sedk-07-2015]. Republic of Indonesia. 2008. “Law No. 20 Pertaining to SME Microcredit Bank Indonesia Regulation No.14/22/PBI/2012 pertaining to credit channeling for SMEs”. Republic of Indonesia. 2013. “Law No. 1/2013 about Microfinance Institutions”. [http://www.indolaw.org/UU/Law%20No.%201%20of%20 2013%20on%20Microfinance%20Institutions.pdf]. Republic of Indonesia. 2014. “Insurance Law No. 40”. 17 October. [http://www.hukumonline.com/pusatdata/downloadfile/lt54606b814dc1a/ parent/lt54606a95b1521]. Reuters. 2013. “UPDATE 1-Indonesia plans Islamic repo rules, separate deposit insurance”. 3 December. [http://www.reuters.com/ article/2014/12/03/indonesiaislam-banks-idUSL3N0TN2FD20141203]. Reuters. 2014. “Indonesia’s regulator to cap fixed-deposit rates for big banks”. 30 September. [http://www.reuters.com/article/2014/09/30/ indonesia-rates-banks-idUSL3N0RV2XI20140930]. Saham. 2014. “OJK will not limit lending rate”. 14 November. [http://www.saham.ws/ojk-will-not-limit-lending-rate/]. Secretariat of the Vice-President of the Republic of Indonesia. 2012. “National Strategy for Financial Inclusion: Fostering Economic Growth and Accelerating Poverty Reduction”. June. [http://pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/180401430845588930/FinancialInclusion-Strategy-Indonesia-2012.pdf]. Sipahutar, Tassia. 2014. “OJK plans cap on micro credit, banks on alert”. The Jakarta Post, 22 September. [http://www.thejakartapost.com/ news/2014/09/22/ojk-plans-cap-micro-credit-banks-alert.html]. Srinivas, PS. 2013. “Indonesia’s financial sector: A half-full glass”. Stratfor, 14 March. [https://www.stratfor.com/the-hub/ indonesia%E2%80%99s-financial-sector-half-full-glass]. SSEK Indonesian Legal Consultants. 2015. “Indonesian Financial Regulation: A Year in Review”. 19 May. [http://blog.ssek.com/index.php/2015/05/indonesian-financial-regulation-a-year-in-review/]. Tempo. 2015. “OJK Expects the LAPS to Operate by 2016”. 10 July. [http://en.tempo.co/read/news/2015/07/10/056682794/OJK-Expects-theLAPS-to-Operate-by-2016]. World Bank. 2014a. “Doing Business: Getting Credit”. June. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. World Bank. 2014b. “Financial Sector Reform and Modernization Development Policy Operation”. Report No. 93252-ID, 20 May. [http://wwwwds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/12/16/000469252_20141216155023/Rendered/PDF/932520PG D0P145010Box385226B00OUO090.pdf].

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Jamaica Interviews Beecher, Wayne U. Senior Specialist. Multilateral Investment Fund. 17 August 2015. Webber, Maureen. Chief executive officer, Board Member and Chair. Development Options Limited, Development Bank of Jamaica. 29 July 2015. Scott, Michel. Executive Director. Caribbean Microfinance Alliance. 5 August 2015.

References Alliance for Financial Inclusion (AFI). 2015. “Bank of Jamaica Becomes 124th Member of Alliance for Financial Inclusion”. 14 April. [http://www.afi-global.org/news/2015/4/14/bank-jamaica-becomes-124th-member-alliance-financial-inclusion]. July 2015. Balford, Henry. 2015. “Phillips Tables BOJ Amendment Act”. Jamaica Observer. 27 July. [http://www.jamaicaobserver.com/news/Phillipstables-BOJ-amendment-act_19220823]. July 2015 BOJ (Bank of Jamaica). 2013. “Guidelines for Electronic Retail Payment Services”. 1 February. [http://www.boj.org.jm/uploads/news/ guidelines_for_electronic_retail_payments_services_-_1_february_2013.pdf]. BOJ. 2014. “Financial Stability Report”. [http://www.boj.org.jm/uploads/pdf/finstab/finstab_2014.pdf]. August 2015. BOJ. 2015. “Consultation Paper Proposed Code of Conduct To be issued under Section 132(4)(b) of the Banking Services Act, 2014”. 31 March. [http://www.boj.org.jm/uploads/news/bsa_consultation_paper_-_code_of_conduct_31_march_2015.pdf]. July 2015. Bowie Jones, Simone. 2015. “The Banking Services Act and the Anticipated Impact on the Financial Services Sector”. Jamaica Observer, 28 January. [http://www.jamaicaobserver.com/business/The-Banking-Services-Act-and-the-anticipated-impact-on-the-financial-servicessector--Part-2-_18301753]. July 2015 Collinder, Ava. 2013a. “JIIC Makes Big Push Into Micro-Insurance”. The Gleaner, 9 October. [http://jamaica-gleaner.com/gleaner/20131009/ business/business2.html]. July 2015 Collinder, Ava. 2013b. “BOJ Developing Agent Banking System to Reach the Unbanked”. The Gleaner, 11 October. [http://jamaica-gleaner.com/ gleaner/20131011/business/business1.html]. July 2015 Collinder, Avia. 2015a. “Building a Bigger, Better, Central Bank”. The Gleaner, 2 January. [http://jamaica-gleaner.com/article/ business/20150102/building-bigger-better-central-bank]. July 2015. Collinder, Ava. 2015b. “GK’s McNaughton to Head Mobile Money Roll-Out”. The Gleaner, 20 February. [http://mobile.jamaica-gleaner.com/ gleaner/20150220/business/business5.php]. July 2015. Courts Jamaica. “Courts Jamaica Expands Micro Loan Facility”. 2015. [http://www.shopcourts.com/jamaica/courts-in-the-news]. July 2015 Dewar, Terron. 2014. “Credit Bureaus Now Access Light , Water Bill Info”. Jamaica Observer, 21 September. [http://www.jamaicaobserver.com/ business/Credit-bureaus-can-now-access-light--water-bill-info_17570620]. July 2015. Gordon, Tameka. 2015. “JNBS Bullish On Transformation To Commercial Bank After Seven-Year Wait”. [http://jamaica-gleaner.com/article/ business/20150731/jnbs-bullish-transformation-commercial-bank-after-seven-year-wait]. July 2015 International Association of Deposit Insurers. Website. [http://www.iadi.org/]. July 2015. International Monetary Fund (IMF). 2015. Jamaica: Eighth Review Under The Arrangement Under The Extended Fund Facility And Request For Waiver For The Nonobservance Of Performance Criterion And Modification Of Performance Criteria—Press Release; And Staff Report. 16 June. [https://www.imf.org/external/pubs/ft/scr/2015/cr15150.pdf]. Internet World Stats. 2015. [http://www.internetworldstats.com/car/jm.htm]. July 2015. Jamaica Deposit Insurance Corporation. 2015. “Increased Protection for Depositors”. [http://www.jdic.org/news/increased-protectiondepositors]. July 2015 Jamaica Observer. 2014. “JamFA Wants Urgent Tabling of Micro Credit Bill”. 14 October. [http://www.jamaicaobserver.com/business/JamFAwants-urgent-tabling-of-Micro-Credit-Bill_17740992]. July 2015. Jamaica Observer. 2015a. “House Committee Wants More Powers for CAC”. 13 February. [http://www.jamaicaobserver.com/news/Housecommittee-wants-more-powers-for-CAC_18398065]. August 2015. Jamaica Observer. 2015b. “Bank of Jamaica to Get More Powers”. 13 March. [http://www.jamaicaobserver.com/news/Bank-of-Jamaica-to-getmore-powers_18560906]. July 2015 Morant, A.L. 2014. “Microinsurance, Part 2: An Outstanding Example of Innovation”. Jamaica Gleaner, 12 October. [http://web4.jamaicagleaner.com/article/business/20141012/micro-insurance-part-2-outstanding-example-innovation]. July 2015. News Jamaica Online. 2015. “BOJ to Engage on Credit Union League on Regulation”. [http://newsjamaica.net/index.php/news/item/1696-bojto-engage-on-credit-union-league-on-regulations]. July 2015. Parliament of Jamaica. 2014. The Banking Services Act, 2014 (Act of 2014). 8 July. [http://www.japarliament.gov.jm/attachments/341_ banking%20services%202014.pdf].

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Richardson, Julian. 2014. “Credit Bureau Imports NCB Data, Nearly Doubles Database”. Jamaica Observer. [http://www.jamaicaobserver.com/ business/Credit-bureau-imports-NCB-data--nearly-doubles-database_16241372]. July 2015. Rose, Glenis A. 2015. “Increasing Financial Inclusion Key to National Development – Bullock”. Jamaica Information Service. [http://jis.gov.jm/increasing-financial-inclusion-key-national-development-bullock/]. July 2015. Swiderek, Donna, and Camargo, Andrea. 2014. “Improving Access to Insurance for the Low-Income Population in Jamaica”. Financial Services Commission. [https://a2ii.org/sites/default/files/reports/jamaica-country-diagnostic.pdf]. July 2015. Winsome, Leslie. 2015. “The MIF in Jamaica: Small businesses, small country, small projects… large impact”. IDB Blog. [http://blogs.iadb.org/ caribbean-dev-trends/2015/02/20/mif-jamaica-small-businesses-small-country-small-projects-large-impact/ ]. July 2015. World Bank. 2014. “G20 Financial Inclusion Indicators”. Flobal Partnership for Financial Inclusion. [http://datatopics.worldbank.org/ g20fidata/country/jamaica]. July 2015. World Bank. 2015a. Jamaica Consumer Protection And Financial Literacy Technical Note. 1 April. [http://documents.worldbank.org/curated/ en/2015/05/24459224/jamaica-consumer-protection-financial-literacy-technical-note]. World Bank. 2015b. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/jamaica/#getting-credit]. July 2015.

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Jordan Interviews AlJundi, Ozaina. Senior Advisor. Promotion of the Microfinance Sector in the MENA Region (MFMR). 3 August 2015. Chehadi, Nadine. MENA Representative. Consultative Group to Assist the Poor (CGAP). 29 July 2015. Mousley, Peter. Program Leader, Mashreq Region. World Bank. 24 July 2015. Nammari, Saleem. Executive Director. Tanmeyah Jordan Microfinance Network. 1 July 2015.

References Alliance for Financial Inclusion (AFI). 2009. “AFI Member Institutions - Ministry of Planning and International Cooperation”. June. [http://www.afi-global.org/afi-network/members/ministry-planning-and-international-cooperation]. Arab Bank. “Current Account”. [http://www.arabbank.jo/en/persaccountcurrent.aspx]. CBJ (Central Bank of Jordan). 2007. “Corporate Governance Code of Conduct”. [http://www.ecgi.org/codes/documents/cg_code_banks_ jordan_2007_en.pdf]. CBJ. 2010. “Credit Information Law”. CBJ. 2012. “Instruction No.56 of 2012: Treating Customers Fairly”. CBJ. 2014. “Credit Bureau Licensing Issues and Challenges: Jordan Practical Case”. Presented at the 5th Financial Infrastructure and Risk Management Training, 22 September, Rabat. [http://www.ifc.org/wps/wcm/connect/634c718045c24c67a51ebd9916182e35/A%2Bnew% 2Brole%2Bfor%2BBanking%2BRegulators%2BLicensing%2Band%2BSupervision%2Bof%2BCredit%2BBureaus%2BMaha%2BAlabdallat. pdf?MOD=AJPERES]. Abbassi, Ala’a, M. Khaled, K. Prochaska, and M. Tarazi. 2009. “Access to Finance: Microcredit and Branchless Banking in The Hashemite Kingdom of Jordan”. Consultative Group to Assist the Poor, 16 March. [http://afraca.org/download/general_rural_finance_publications/ Microcredit-and-Branchless-Banking-in-The-Hashemite-Kingdom-of-Jordan-Report-by-Mohammed-Khaled-et-al.pdf]. CRIF SpA. 2015. “CRIF is establishing a full-fledged credit bureau in Jordan”. 24 March. [http://www.crif.com/site/en/News/Press-Releases/ Pages/CRIF-is-establishing-a-full-fledged-credit-bureau-in-Jordan.aspx]. European Investment Bank. 2015. EIU. Mobile Financial Services Proposal. November 6. European Parliament. 2013. “Annual Action Programme for 2013 in favour of the Kingdom of Jordan covered by the programming documents for the European Neighbourhood and Partnership Instrument: Summary”. [http://www.europarl.europa.eu/RegData/docs_autres_ institutions/commission_europeenne/comitologie/ros/2013/D027926-02/COM-AC_DR(2013)D027926-02_EN.pdf]. Jolliffe, Dean Mitchell, and U. Serajuddin. 2015. “Estimating Poverty with Panel Data, Comparably: An example from Jordan”. World Bank, 21 July. [http://documents.worldbank.org/curated/en/2015/07/24808122/estimating-poverty-panel-data-comparably-example-jordan]. Jordan Times. 2015. “Companies financing smallest firms come under central bank regulations”. 30 May. [http://www.jordantimes.com/news/ business/companies-financing-smallest-firms-come-under-central-bank-regulations]. Promotion of the Microfinance Sector in the MENA Region (MFMR). 2015. “New Microfinance Regulation in Jordan to Foster Outreach of the Sector and Improve Consumer Protection”. 3 February. [http://microfinance-mena.org/?page=Pages_Activities&id=2]. Microworld. 2013. “The microfinance sector in Jordan”. 18 September. [http://www.microworld.org/en/news-from-the-field/article/ microfinance-sector-jordan] Ministry of Planning and International Cooperation. 2012. “The Jordanian National Policy Framework for Microfinance: Towards Inclusive Finance”. PricewaterhouseCoopers. 2013. “Know Your Customer: Quick Reference Guide”. 1 January. [https://www.pwc.com/gx/en/financial-services/ assets/pwc-kyc-anti-money-laundering-guide-2013.pdf]. Hashemite Kingdom of Jordan. 1952. “The Constitution of The Hashemite Kingdom of Jordan”. [http://www.kinghussein.gov.jo/constitution_ jo.html]. U.S. Department of State. 2015. “2015 Investment Climate Statement – Jordan”. May. [http://www.state.gov/e/eb/rls/othr/ics/2015/241612. htm] United Nations Economic and Social Commission for Western Asia (ESCWA). 2009. “Central Bank Independence and its effect on inflation performance in the ESCWA countries”. World Bank. 2014a. “Enhancing Governance and Strengthening the Regulatory and Institutional Framework for Micro, Small and Medium Enterprise Development Project”. 9 January. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/03/03 /000442464_20140303100822/Rendered/PDF/PAD7340JO000En0Box382161B00PUBLIC0.pdf]. World Bank. 2014b. “Strengthening the Regulatory and Institutional Framework for MSME Development”. 24 January. [http://www.worldbank.org/projects/P147875?lang=en].

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World Bank. 2015a. “Doing Business 2015: Economy profile Jordan”. [http://www.doingbusiness.org/data/exploreeconomies/jordan/~/ media/giawb/doing%20business/documents/profiles/country/JOR.pdf]. World Bank. 2015b. “Jordan Economic Monitor, spring 2015: persisting forward despite challenges”. 1 June. [http://www.worldbank.org/en/ country/jordan/publication/jordan-economic-monitor-spring-2015]. World Bank. 2015c. “Commercial bank branches”. World Development Indicators. [http://data.worldbank.org/indicator/FB.CBK.BRCH.P5]

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Kenya Interviews Gordon, Bennett. Kopo Kopo. 29 July 2015. Mugo, Matu. Assistant Director, Bank Supervision. Central Bank of Kenya. 24 July 2015. Ochieng, Moses. Consultant. FSD Kenya. 27 July 2015.

References Bank for International Settlements. 2014. “Keynote speech by Njuguna Ndung’u”. Presented at Understanding and expanding financial inclusion in Kenya. Nairobi, Kenya.13 March. [http://www.bis.org/review/r140317a.htm]. Barclays Bank of Kenya. 2015. “Savings Accounts”. [https://www.barclays.co.ke/personal/accounts/savings/index.html]. CBK (Central Bank of Kenya). 2008. “The Microfinance (Deposit-Taking Microfinance Institutions) Regulations, 2008”. [http://www.centralbank. go.ke/images/docs/legislation/Microfinance%20_Deposit-Taking%20Microfinance%20Institutions_%20Regulations%202008.pdf]. CBK. 2010a. “Guideline on Agent Banking - CBK/PG/15”. [http://www.bu.edu/bucflp/files/2012/01/Guideline-on-Agent-Banking-CBKPG15. pdf]. CBK. 2010b. “Manual For the On And Off-site Supervision of Credit Reference Bureaus”. [pdf.usaid.gov/pdf_docs/Pnady268.pdf]. CBK. 2011. “Guideline on the Appointment and Operations of Third-party Agents By Deposit Taking microfinance Institutions (DTMs) - CBK/ DTM/MFG/1”. [http://www.centralbank.go.ke/images/docs/legislation/GUIDELINE%20ON%20THE%20APPOINTMENT%20AND%20 OPERATIONS%20OF%20THIRD%20PARTY%20AGENTS%20BY%20DTMS.pdf]. CBK. 2013. “Prudential Guidelines for Institutions Licensed under the Banking Act”. [http://www.centralbank.go.ke/images/docs/legislation/ Prudential%20Guidelines-January%202013.pdf]. CBK. 2014. Bank Supervision Annual Report 2014. [https://www.centralbank.go.ke/images/docs/Bank%20Supervision%20Reports/ Annual%20Reports/Bank_Supervision_Annual_Report_2014_-_Final.pdf]. CBK. 2015a. “Average Risk Premiums “K”. on Loan Products Offered by Each Bank as at 31st March 2015”. [https://www.centralbank.go.ke/ images/docs/Bank%20Supervision%20Reports/KBRR_Data_Reports/KBRR_Data_-_May_2015_-_Final.pdf]. CBK. 2015b. “CBK prepares to publish KBRR data”. [https://www.centralbank.go.ke/index.php/news/401-cbk-prepares-to-publish-kbrr-data]. CBK. 2015c. “Disclosure on Credit Pricing by Banks in Kenya”. [https://www.centralbank.go.ke/index.php/kbrr-data]. CBK. 2015d. “List of licensed Microfinance Banks”. [https://www.centralbank.go.ke/index.php/bank-supervision/microfinanceinstitutions/14-bank-supervision/83-list-of-licensed-deposit-taking]. CBK. 2015e. “Performance and Developments in the Kenyan Banking Sector for the Quarter Ended 31st March 2015”. March 31. 2015. [https://www.centralbank.go.ke/images/docs/Bank%20Supervision%20Reports/Quarterly%20Performance%20Reports/1st_Quater_ of_2015_Banking_Sector_Performance__Developments.pdf]. Credit Reference Bureau Africa. 2015. “Individual Dispute Filing Form”. [http://www.crbafrica.com/services/downloads/Individual_Dispute_ Filing_Form.pdf]. Doya, David Malingha. 2015. “Kenyan President Appoints Njoroge as Governor of Central Bank”. Bloomberg, 26 June. [http://www.bloomberg.com/news/articles/2015-06-26/kenyan-president-appoints-njoroge-as-governor-of-central-bank]. Equal Rights Trust. 2012. “In the Spirit of Harambee: Addressing Discrimination and Inequality in Kenya”. Kenya Human Rights Commission, ERT Country Report, February. [http://www.equalrightstrust.org/ertdocumentbank/In_the_Spirit_of_Harambee.pdf]. Equity Bank. 2015. “Equitel”. [http://www.equitel.com/]. FinAccess. 2013. “FinAccess National Survey 2013: Profiling developments in financial access and usage in Kenya”. 31 October. [http://smefinanceforum.org/post/finaccess-national-survey-2013-profiling-developments-in-financial-access-and-usage-in-kenya]. Financial Sector Deepening Kenya. 2011. “Financial Consumer Protection in Kenya: Key Research Findings and Policy Recommendations”. Issue 03, January 2011. [http://www.fsdkenya.org/insights/11-02-28_FSD%20Insights_Consumer_protection_issue_03.pdf]. Ghibendi, Ramenya. 2014. “Group in push to have saccos share credit data”. Daily Nation, 6 November. [http://www.nation.co.ke/business/ Saccos-Credit-Association-of-Kenya-Credit-Providers/-/996/2513690/-/3pte6bz/-/index.html]. Government of Kenya. 2008. “Kenya Vision 2030 First Medium Term Plan 2008-2012”. [https://www.opendata.go.ke/download/vnjq-qwi3/ application/pdf]. Government of Kenya. 2013. “Kenya Vision 2030 Second Medium Term Plan 2013-2017”. [http://www.vision2030.go.ke/wp-content/ uploads/2015/06/Second_Medium_Term_Plan_2013_-_20172.pdf]. International Financial Reporting Standards Foundation (IFRS). 2013. “IFRS Application Around the World, Jurisdiction Profile: Kenya”. 29 November. [http://www.ifrs.org/Use-around-the-world/Documents/Jurisdiction-profiles/Kenya-IFRS-Profile.pdf]. IRA (Insurance Regulatory Authority). 2013. “IRA/PG/18, Guideline to the Insurance Industry on Market Conduct for Insurers”. June. [http:// www.ira.go.ke/attachments/article/63/Guidelines%20on%20Market%20Conduct%20for%20Insurers.pdf].

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IRA. 2015. “Consumer Complaints Procedure”. [http://www.ira.go.ke/index.php/component/fsf/?view=faq&catid=6]. Johnson, Susan and A. Steven. 2010. “Financial exclusion in Kenya- Examining the changing picture 2006-2009”. [http://fsdkenya.org/ finaccess/documents/chapter5_finaccess_results_analysis.pdf]. Kenya Bankers Association. 2015. Website. [http://www.cost-of-credit.com/]. Kenya Bankers’ Association. 2014. “Banks Adopt Annual Percentage Rate Calculation Method for Consumer Loans”. 12 May. [http://www.kba. co.ke/research-center/research-note/285-banks-adopt-annual-percentage-rate-calculation-method-for-consumer-loans] Kenya Credit Information Sharing Initiative. 2013. “Credit Information Sharing Guide”. [http://ciskenya.co.ke/wp-content/uploads/2013/04/ CIS-Brochure.pdf]. Kenya Deposit Insurance Corporation. 2015. Website. [http://www.depositinsurance.go.ke/]. Kenya Human Rights Commission. 2010. “An Overview of International and Domestic Law on Anti Discrimination in Kenya”. 25 January. [http:// www.khrc.or.ke/resources/publications/doc_download/4-an-overview-of-international-and-domestic-law-on-discrimination-in-kenya. html]. Matsilele, Trust. 2015. “Kenyan Banks Unveil Annual Percentage Rate Pricing”. CNBC Africa, 12 February. [http://www.cnbcafrica.com/news/ financial/2014/07/21/kenyan-banks-annual-percentage-rate-pricing/]. Metropol Credit Reference Bureau Limited. 2015. “FAQ”. [http://www.metropol.co.ke/metropol-faq/]. Ministry of Finance. 2013. “Kenya Deposit Insurance Act, 2012: Draft Regulations”. Deposit Protection Fund Board, May. [https://www.centralbank.go.ke/images/docs/legislation/Kenya-Deposit-Insurance-Draft-Regulation.pdf]. Muthiora, Brian. 2014a. “Reinventing the Wheel: “Pass Through”. Deposit Insurance coverage for Mobile Money in Kenya”. GSM Association, 30 January. [http://www.gsma.com/mobilefordevelopment/reinventing-the-wheel-pass-through-deposit-insurance-coverage-for-mobilemoney-in-kenya]. Muthiora, Brian. 2014b. Kenya’s new regulatory framework for e-money issuers”. GSM Association, 21 August. [http://www.gsma.com/ mobilefordevelopment/kenyas-new-regulatory-framework-for-e-money-issuers]. Okoth, Edwin. 2015. “Draft micro-insurance laws out”. Daily Nation. 13 March. [http://mobile.nation.co.ke/business/Micro-insurance-DraftRules-Policy-Paper/-/1950106/2652808/-/format/xhtml/-/pyx8l3z/-/index.html]. Republic of Kenya. 2003. Persons with Disabilities Act 14 of 2003. [http://dredf.org/legal-advocacy/international-disability-rights/ international-laws/kenya-persons-with-disabilities-act/]. Republic of Kenya. 2004. Banking Act, Chapter 488, as amended as of 1st August 2014. [https://www.centralbank.go.ke/images/docs/ legislation/Banking_Act_edited_August_2014_updated_CRB.pdf]. Republic of Kenya. 2006. Microfinance Act of 2006, as amended as of 1st January 2014. [https://www.centralbank.go.ke/images/docs/ legislation/MICROFINANCEACT2006.pdf]. Republic of Kenya. 2008a. “Microfinance (Deposit Taking Microfinance Institutions) Regulations, 2008. [https://www.centralbank.go.ke/ images/docs/legislation/Microfinance%20_Deposit-Taking%20Microfinance%20Institutions_%20Regulations%202008.pdf]. Republic of Kenya. 2008b. SACCO Societies Act, No. 14 of 2008, Revised Edition 2012 [2008]. [http://kenyalaw.org/kl/fileadmin/pdfdownloads/ Acts/SaccoSocietiesAct_No14of2008.pdf]. Republic of Kenya. 2010a. Constitution of Kenya. [https://www.kenyaembassy.com/pdfs/The%20Constitution%20of%20Kenya.pdf]. Republic of Kenya. 2010b. Sacco Societies (Deposit taking Sacco Business) Regulations. 2010. [http://www.sasra.go.ke/regulation/regulatoryframework?download=54:sacco-society-regulations]. Republic of Kenya. 2012a. Consumer Protection Act. 2012. [http://www.parliament.go.ke/plone/statutory-documents/consumer-protectionact-no-46-of-2012]. Republic of Kenya. 2012b. Kenya Deposit Insurance Act. 2012. [https://www.centralbank.go.ke/images/docs/legislation/Kenya-DepositInsurance-Act-2012.pdf]. Republic of Kenya. 2013a. Credit Reference Bureau Regulations. 2013. [https://www.centralbank.go.ke/images/docs/legislation/CREDIT_ REFERENCE_BUREAU_REGULATIONS_2013.pdf]. Republic of Kenya. 2013b. Insurance Act, Chapter 487. Revised 2013. [http://www.ira.go.ke/attachments/article/60/The%20Insurance%20 Act%20Revised%202013.pdf]. Republic of Kenya. 2013c. Microfinance (Amendment) Act. 2013. Republic of Kenya. 2013d. Proceeds of Crime and Anti-Money Laundering (Amendment) Act. 2012. [http://kenyalaw.org/kl/fileadmin/ pdfdownloads/AmendmentActs/2012/ProceedsofCrimeandAntiMoneyLaundering_Amendment_Act2012.PDF]. Republic of Kenya. 2013e. Prudential Guidelines for Institutions Licensed Under the Banking Act. [https://www.centralbank.go.ke/images/ docs/legislation/Prudential%20Guidelines-January%202013.pdf]. Republic of Kenya. 2014a. Central bank of Kenya-Chapter 491, updated February 2014. [https://www.centralbank.go.ke/images/docs/ legislation/CBKenyaAct-Feb2014.pdf]. Republic of Kenya. 2014b. Draft Central Bank of Kenya Bill 2014. [http://www.cofek.co.ke/Draft%20Central%20Bank%20of%20Kenya%20 Bill%20-2014.pdf]. Republic of Kenya. 2014c. National Payment System Regulations. 2014. [https://www.centralbank.go.ke/images/docs/legislation/ NPSRegulations2014.pdf].

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Republic of Kenya. 2015. Draft Microinsurance Regulations. 2015. [http://www.ira.go.ke/attachments/article/211/Kenya%20Draft%20 Microinsurance%20Regulations.pdf]. SACCO Societies Regulatory Authority (SASRA). 2015. “Regulation”. [http://www.sasra.go.ke/index.php/regulation#.VbZmFXJsl8E]. Wahito, Margaret. 2014. “Credit Reference Bureau to share data with MFIs”. Capital FM Kenya. 14 September. [http://www.capitalfm.co.ke/ business/2012/09/credit-reference-bureau-to-share-data-with-mfis/]. Wallace, Paul. 2012. “Kenyan banks swerve interest rate cap”. The Banker, 28 May. [http://www.thebanker.com/Regulation-Policy/Reg-Rage/ Kenyan-banks-swerve-interest-rate-cap?ct=true]. Wangalwa, Elayne. 2015. “Are Kenyan Banks Adhering to KBRR?”. CNBC, 18 February. [http://www.cnbcafrica.com/news/eastafrica/2015/02/18/kbrr-kenya-banks/]. White House Office of the Press Secretary. 2015. “Government of the Republic of Kenya – Government of the United States of America Joint Commitment to Promote Good Governance and Anti-Corruption Efforts in Kenya”. 25 July. [https://www.whitehouse.gov/the-pressoffice/2015/07/25/government-republic-kenya-government-united-states-america-joint].

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Kyrgyz Republic Interviews Pakirov, Ilyaz, Director, Association of Microfinance Institutions of Kyrgyzstan, Bishkek (Kyrgyzstan), July 2015 Tilepova, Kulsana, Director, RosFinanceCredit Microcredit Company, Bishkek (Kyrgyzstan), July 2015 Bakasuulu, Bakhtiyar, Financial Analyst and Assistant Professor, Kyrgyz Economic University, Bishkek (Kyrgyzstan), July 2015 Tsoi, Maksim, Financial Journalist, Vecherniy Bishkek Newspaper, Bishkek (Kyrgyzstan), July 2015

References Financial Literacy (Финансовая грамотность). 2015. Website. [http://finsabat.kg/]. July 2015. Ishenim Credit Bureau. 2015. Website. [ishenim.kg]. July 2015. Incom MFC. 2015. [http://www.incom.kg/services]. July 2015. KICB Bank. 2015. Website. [http://kicb.net/welcome/]. July 2015. Kompanion MFC. [http://www.kompanion.asia/index.php?lang=ru]. July 2015. Kyrgyz Republic. 1997a. “Law on Banks and Banking Activities in the Kyrgyz Republic”. Law as amended, 12 May. [http://www.nbkr.kg/index1. jsp?item=42&lang=ENG]. July 2015. Kyrgyz Republic. 1997b. “Criminal Code of the Kyrgyz Republic (as amended up to Law No. 62 of April 21, 2014)”. July 2015. Kyrgyz Republic. 1998a. “Code of the Kyrgyz Republic on Administrative Responsibility (as amended up to Law No. 25 of February 3, 2014)”. July 2015. Kyrgyz Republic. 1998b. “The law on organising insurance in the Kyrgyz Republic”. July 2015. Kyrgyz Republic. 2002a. “Law On Accounting”. 29 April. [http://www.nbkr.kg/index1.jsp?item=52&lang=ENG]. July 2015. Kyrgyz Republic. 2002b. “Law on Micro-finance organizations in the Kyrgyz Republic”. Law as amended, 26 April. [http://www.nbkr.kg/index1. jsp?item=50&lang=ENG ]. July 2015. Kyrgyz Republic. 2013. “Law on restriction of usurious activities in the Kyrgyz Republic”. 24 July. [http://cis-legislation.com/document. fwx?rgn=62157]. July 2015. Kyrgyz Republic. 2014a. “Law on the Payment System of the Kyrgyz Republic “. 17 December. [http://www.nbkr.kg/index1. jsp?item=2725&lang=ENG]. July 2015. Kyrgyz Republic. 2014b. “Resolution on endorsing Programme of preliminary measures for the adoption of a system for the protection of deposits opened in microfinance companies and credit unions”. July 2015. Meshkova, Yelena. 2014. “National Bank actively involved in protecting borrowers’ rights”. Slovo Kyrgyzstana. [http://www.nbkr.kg/ DOC/25122014/000000000031760.pdf]. July 2015. NBKR (National Bank of the Kyrgyz Republic). 2003. “Position on Regulations of Activities of Microfinance Companies in the territory of the Kyrgyz Republic”. Amended in 2015. July 2015. NBKR. 2010. “Position on Minimum Requirements for Managing Credit Risk in Commercial Banks and Other Financial and Credit Establishments licensed by the National Bank of the Kyrgyz Republic”. Amended in 2013. July 2015 NBKR. 2012. “Mid-term Strategy for the Development of Microfinances in 2011-2015”. [http://www.nbkr.kg/index1.jsp?item=95]. July 2015. NBKR. 2013a. “Methodology of calculating the average weighted interest rates on loans issued by financial and credit establishments for the purpose of fulfilling the Law of the Kyrgyz Republic On Restricting Usury Activities in the Kyrgyz Republic”. 1 November. [http://www.nbkr. kg/contout.jsp?item=102&lang=RUS&material=44351]. July 2015. NBKR. 2013b. “Provision on Periodic Regulatory Report of Microcredit Company/Microcredit Agency”. July 2015. NBKR. 2013c. “Provision on Periodic Regulatory Report of Microfinance Company”. July 2015. NBKR. 2013d. “Position on Minimum Requirements for Managing Credit Risk in Mirofinance Organisations which Don’t Attract Deposits”. Amended in 2015. July 2015. NBKR. 2015a. “Global Money Week starts in Kyrgyzstan”. 10 March. [http://www.nbkr.kg/newsout.jsp?item=31&lang=RUS&material=59087]. July 2015. NBKR. 2015b. “Report on the National Bank of the Kyrgyz Republic’s consideration of letters, requests and complains of citizens in the second quarter of 2015”. 14 October. [http://www.nbkr.kg/index1.jsp?item=1429&lang=RUS]. July 2015. Optima Bank. 2015. Website. [http://www.optimabank.kg/for-individuals/deposits.html]. July 2015. Vasilkova, Aleksandra. 2014. “Modest charm of microfinance”. Vecherniy Bishkek. [http://www.nbkr.kg/DOC/24102014/000000000029919. pdf]. July 2015. World Bank. 2015. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/kyrgyz-republic/#gettingcredit]. July 2015.

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Lebanon Interviews Baydas, Mayada. Executive General Manager. Emkan. 29 July 2015. Choucair, Najib. Executive Director and Head of Banking Department. Banque du Liban. 29 July. 2015 El-Khalil, Youssef. Executive Director, Financial Operations Department. Banque du Liban. 10 August 2015. Fawaz, Youseff. Executive Director. Al-Majmoua. 27 July 2015 Keutelian, Vartkes. Deputy Manager. Makhzoumi Foundation. 28 July 2015.

References Abbassi, Alaa, M. Khaled, and K. Lauer. 2009. “Diagnostic Report on the legal and regulatory environment for microfinance in Lebanon”. Consultative Group to Assist the Poor, December. [http://www.cgap.org/sites/default/files/CGAP-Diagnostic-Report-on-the-Legal-andRegulatory-Environment-for-Microfinance-Lebanon-Dec-2009.pdf]. Association of Banks in Lebanon. “Key Prudential Practices”. [http://www.abl.org.lb/subPage.aspx?pageid=361] Awdeh, Ali and C. El Moussawi. 2009. “Bank Efficiency and Foreign Ownership in the Lebanese Banking Sector”. Review of Middle East Economics and Finance: Vol. 5: No. 2. Bank Audi. 2013. Lebanon Banking Sector Report. 6 September. Bertelsmann Stiftung. 2014. “Lebanon Country Report”. Transformation Index (BTI). [http://www.emigrants.gov.lb/uploaded/ News/03b52620-3e76-4846-bc3d-fc12765112b4BTI_2014_Lebanon.pdf]. BDL (Banque du Liban). 2010. “Basic Decision No 10439 of May 17, 2010 relating to Credit Transparency, Terms and Conditions”. Basic Circular No. 124, 7 May. [http://www.bdl.gov.lb/circulars/download/131/en]. BDL. 2011. Basic Circular no.97. BDL. 2013. “Intermediate Decision No 11445: Amending Basic Decision No 7548 of March 30, 2000 Relating to Electronic Banking and Financial Operations”. Intermediate Circular No 325, 6 June. [https:// www.bdl.gov.lb/circulars/download/468/en]. BDL. 2014. “Operations related to credit investment shareholding and participation”. Intermediary Circular No. 376, 11 November. [http://www.bdl.gov.lb/circulars/download/532/ar]. BDL. 2015a. Website. [http://www.bdl.gov.lb/]. BDL. 2015b. “Roles and Functions”. [http://www.bdl.gov.lb/pages/index/1/137/Role-and-Functions.html]. Banque Libano-Francaise. 2010. “Documents required to open an account”. [http://www.eblf.com/en/Products-and-services-Retail-bankingIndividuals-Become-a-client-Documents-required-to-open-an-account]. Blominvest Bank. 2014. “Microcredit in Lebanon: A Success Story”. 3 October. [http://blog.blominvestbank.com/wp-content/ uploads/2014/10/Microcredit-in-Lebanon-A-Success-Story.pdf]. Central Administration of Statistics. 2012. “Households Budget Survey 2012”. [http://www.cas.gov.lb/index.php/all-publications-en]. Daily Star. 2013. “Lebanese banking sector healthy, resilient despite regional and local crises”. 12 July. [http://www.dailystar.com.lb/Business/ Lebanon/2013/Jul-12/223381-lebanese-banking-sector-healthy-resilient-despite-regional-and-local-crises.ashx#axzz34XQgrMha] International Finance Corporation. 2013. “Report on Advisory Services Operations in the Middle East and North Africa: July 2012-June 2013”. [http://www.ifc.org/wps/wcm/connect/184f1f80433da8328bd2ef384c61d9f7/Annual+report+6-11-2013.pdf?MOD=AJPERES]. Internet World Stats. 2015. [http://www.internetworldstats.com/stats5.htm]. Ministry of Economy and Trade. 2011. “Services: Consumer Protection”. [http://www.economy.gov.lb/index.php/serviceSubCat/2/4]. Ministry of Interior. 2006. “Circular No. 10”. [http://www.icnl.org/research/library/files/Lebanon/10-AM-2006-En.pdf]. Munich RE Foundation. 2013. “The Landscape of Microinsurance in Asia and Oceania”. [http://www.munichre-foundation.org/dms/ MRS/Documents/Microinsurance/2013MILandscape/2013LandscapeofMIAsiaOceania_fullReport/The%20landscape%20of%20 microinsurance%20in%20Asia%20and%20Oceania%202013%20-%20full%20report.pdf]. Naceur, Sami Ben, and M. Kandil. 2013. “Basel Capital Requirements and Credit Crunch in the MENA Region”. Working Paper 13/160. IMF (International Monetary Fund). [https://www.imf.org/external/pubs/ft/wp/2013/wp13160.pdf]. Parliament of Lebanon. 2004. “Consumer Protection Law”. 5 August. [http://www.tra.gov.lb/library/files/uploaded%20files/ consumerprotectionnewlawmarch2005en.pdf]. Reuters. 2015. “Beirut’s mounting trash reflects crisis of government”. 23 July. [http://www.reuters.com/article/2015/07/23/us-lebanongovernment-idUSKCN0PX16320150723] Smart Campaign. 2014. “Lebanon”. [http://smartcampaign.org/tools-a-resources/664]. World Bank. 2013a. “Banking Regulation and Supervision Survey”. Global Financial Development Report. [http://econ.worldbank.org/WBSITE/ EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/0,,contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html].

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World Bank. 2013b. “Women, Business and the Law”. [http://wbl.worldbank.org/data/exploreeconomies/lebanon/2013] World Bank. 2014. “Business Environment Snapshots”. [http://rru.worldbank.org/BESnapshots/Lebanon/default.aspx] World Bank. 2015a. “Doing Business 2015: Economy Profile 2015 Lebanon”. [http://www.doingbusiness.org/data/exploreeconomies/ lebanon/~/media/giawb/doing%20business/documents/profiles/country/LBN.pdf]. World Bank. 2015b. “Global Partnership for Financial Inclusion: Lebanon”. [http://datatopics.worldbank.org/g20fidata/country/lebanon]. World Finance. 2014. “Lebanese banking thrives in tough economic conditions”. 17 January. [http://www.worldfinance.com/banking/ lebanese-banking-thrives-in-tough-economic-conditions].

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Madagascar Interviews Rafanoharana, Bakoly. National Expert, Inclusive Finance Project. UNDP. 31 July 2015. Ramparany, Tiana. Deputy Coordinator. National Coordination for Microfinance (CNMF). 30 July 2015. Soglohoun, Pascal. Resident Activity Manager. Abt Associates. 29 July 2015.

References Africa Intelligence. 2014. “Un homme du president a la BCM”. 31 October. [http://www.africaintelligence.fr/LOI/politiquepouvoirs/2015/08/25/un-homme-du-president-a-la-bcm,108045682-ART]. AFI (Alliance for Financial Inclusion). 2014. “2014 Maya Declaration Progress Report”. [http://www.afi-global.org/sites/default/files/ publications/2014_maya_declaration_progress_report_final_low_res.pdf]. AFI. 2015. Website. [http://www.afi-global.org/]. Amoussou, Kossi and G. Ramanoara. 2015. “Republique de Madagascar: Evaluation du programme d’appui a la finance inclusive – Rapport Finale”. United Nations Development Programme (UNDP), January. [https://erc.undp.org/evaluationadmin/downloaddocument. html?docid=8507]. Bank for International Settlements. 2015. “Basel II. 2.5 and III Implementation”. Financial Stability Institute (FSI) Survey, July. [http://www.bis.org/fsi/fsiop2015.pdf]. BCM (Banque Centrale de Madagascar). 1962. “Ordinance No. 62-016”. [http://www.banque-centrale.mg/index.php?id=m8_3_7_9]. BCM. 2004. “Plan Comptable General 2005”. 18 February.[http://www.csc.mg/documents/pcg2005.pdf]. BCM. 2005. “Law 2005-016”. [http://www.banque-centrale.mg/index.php?id=m4_4_1_3]. BCM. 2009. “Instruction No. 002-DCR/09”. [http://www.banque-centrale.mg/index.php?id=m4_1_44]. BCM. 2015. Website. [www.banque-centrale.mg/]. Conférence Interafricaine des Marchés d’Assurances. Website. [http://www.cima-afrique.net/]. Economic Development Board of Madagascar. 2013. “Chamber of Agriculture: micro-insurance development”. 20 July. [http://www.edbm.gov. mg/News-and-events/News/Chamber-of-Agriculture-micro-insurance-development]. EIU (Economist Intelligence Unit). 2014. Global Microscope on Microfinance. New York City: EIU. EIU. 2015. “Madagascar: Parliamentarians seek to sack president”. 28 May. [http://country.eiu.com/article.aspx?articleid=1153203299&Count ry=Madagascar&topic=Politics]. L’Express de Madagascar. 2013. “Madagascar: Secteur financier - Application de taux d’intérêt illégaux”. 27 August. [http://fr.allafrica.com/stories/201308270742.html]. L’Express de Madagascar. 2014. “Finance exclusive – Des institutions de microfinance en difficulté”. 8 October. [http://www.lexpressmada.com/ blog/information-live/finance-exclusive-des-institutions-de-microfinance-en-difficulte-18813/]. L’Express de Madagascar. 2015. “Madagascar: enquête sur l’offre et la demande”. 2 July. [http://www.microfinancegateway.org/fr/ announcement/madagascar-enqu%C3%AAte-sur-l%E2%80%99offre-et-la-demande]. La Gazette de Madagascar. 2014. “Microfinance: des résultats mitigés”. 12 February. [http://fr.africatime.com/madagascar/articles/ microfinance-des-resultats-mitiges#sthash.GDpm3ye3.dpuf]. La Verite. 2014. “Réseau Tiavo - Sous administration proviso ire”. 26 September. [http://www.laverite.mg/index.php?option=com_content&vie w=article&id=2759:reseau-tiavo-sous-administration-provisoire&catid=4:economie]. IMF (International Monetary Fund). 2014a. “Financial Access Survey 2014”. [http://data.imf.org/?sk=E5DCAB7E-A5CA-4892-A6EA598B5463A34C]. IMF. 2014b. “Republic of Madagascar: Selected Issues”. IMF Country Report No. 15/25, 18 December. [http://www.imf.org/external/pubs/ft/ scr/2015/cr1525.pdf]. IMF. 2014c. “Republic of Madagascar: 2014 Article IV Consultation – Staff Report”. IMF Country Report No. 15/24, 18 December. [https://www. imf.org/external/pubs/ft/scr/2015/cr1524.pdf]. National Coordination of Microfinance. 2012. “National Financial Inclusion Strategy 2013-17”. [http://www.madamicrofinance.mg/ snfi_2013_2017.pdf]. National Coordination of Microfinance. 2015. Website. [http://www.madamicrofinance.mg//]. Reuters. 2014. “IMF restores ties with Madagascar five years after coup”. 13 March. [http://www.reuters.com/article/2014/03/13/usmadagascar-imf-idUSBREA2C1CD20140313]. Riquet, Corrine. 2013. “Small Farmers, Mobile Banking, Financial Inclusion in Madagascar”. CGAP (Consultative Group to Assist the Poor). [www.cgap.org/blog/small-farmers-mobile-banking-financial- inclusion-madagascar].

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Smart Campaign. 2014. Website. [http://www.smartcampaign.org/]. Southern African Development Community (SADC). 2012. “‘SADC Financial Systems: Structures, Policies and Markets”. September. [https://www.sadcbankers.org/Lists/News%20and%20Publications/Attachments/183/September2012.pdf]. United Nations Capital Development Fund (UNCDF). 2015. “Making Access Possible”. [http://www.uncdf.org/en/map]. World Bank. 2011a. “Report No. ICR00001801”. 30 September. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB /2011/10/20/000356161_20111020013657/Rendered/PDF/ICR18010P052180Official0Use0Only090.pdf]. World Bank. 2011b. “Payment Systems Worldwide - A Snapshot: Outcomes of the Global Payment Systems Survey 2010”. [http://siteresources. worldbank.org/FINANCIALSECTOR/Resources/282044-1323805522895/121534_text_corrections_3-15.pdf]. World Bank. 2012a. “Report No. 74108-MG”. 11 December. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/20 13/02/06/000425962_20130206133144/Rendered/PDF/741080PJPR0P100Official0Use0Only090.pdf]. World Bank. 2012b. “Bank Regulation and Supervision Survey”. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT /0,,contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html]. World Bank. 2015a. “Doing Business 2015 – Going Beyond Efficiency”. [http://www.doingbusiness.org/~/media/giawb/doing%20business/ documents/profiles/country/MDG.pdf]. World Bank. 2015b. “ACGF - Madagascar Financial Services Project”. [http://www-wds.worldbank.org/external/default/WDSContentServer/ WDSP/AFR/2015/02/01/090224b082a22703/1_0/Rendered/PDF/Madagascar000A0Report000Sequence014.pdf]. World Bank. 2015. “Expanding Rural Outreach With Low-Cost Delivery Channels Experience from Access Bank Madagascar”. May. [https://www.agrifinfacility.org/resource/expanding-rural-outreach-low-cost-delivery-channels-experience-access-bank-madagascar].

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Mexico Interviews Alberro, Luis. 25 July 2015. Chaia, Alberto. 25 July 2015. Trigo, Fernanda. Banking Regulator. Comisión Nacional Bancaria y de Valores. 22 July 2015.

References Alliance for Financial Inclusion (AFI). 2014, “2014 Maya Declaration Progress Report”. [http://www.afi-global.org/sites/default/files/ publications/2014_maya_declaration_progress_report_final_low_res.pdf]. July 2015. BIS (Bank for International Settlements). 2015a. “Assessment of Basel III risk-based capital regulations – Mexico”. [http://www.bis.org/bcbs/publ/d315.pdf]. July 2015. BIS. 2015b. “Basel III implementation assessments of Hong Kong SAR and Mexico as well as follow-up reports published by the Basel Committee”. [http://www.bis.org/press/p150316.htm]. July 26. 2015. Bansefi. 2014. “Programa de Asistencia Técnica a las Microfinanzas Rurales (PATMIR)”. [http://www.bansefi.gob.mx/Patmir/Pages/default. aspx, accessed]. July 2015. Bansefi. 2015. Programa Integral de Inclusión Financiera para beneficiario(a)s de Prospera. [http://www.bansefi.gob.mx/ProductosServicios/ Pages/ProsperaMasConBansefi.aspx]. July 2015. CNVB (Comisión Nacional Bancaria y de Valores). 2013a. “Acciones de la CNBV”. [http://www.cnbv.gob.mx/Inclusi%C3%B3n/Paginas/Accionesde-la-CNBV.aspx]. July 2015. CNBV. 2013b. “Consejo Nacional de Inclusión Financiera”. [http://www.cnbv.gob.mx/Inclusi%C3%B3n/Paginas/Consejo-Nacional-de-IF.aspx]. July 2015. CNBV. 2013c. “Reporte de Inclusión Financiera 5”. Mexico. [http://www.cnbv.gob.mx/Inclusi%C3%B3n/Documents/Reportes%20de%20IF/ Reporte%20de%20Inclusion%20Financiera%205.pdf]. July 2015. CNBV. 2014a. “Reporte de Inclusión Financiera 6”. Mexico. [http://www.cnbv.gob.mx/Inclusi%C3%B3n/Documents/Reportes%20de%20IF/ Reporte%20de%20Inclusion%20Financiera%206.pdf]. July 2015. CNBV. 2014b. “Encuesta Nacional de Inclusión Financiera”. [http://www.cnbv.gob.mx/Inclusi%C3%B3n/Paginas/Encuestas.aspx]. July 2015. CNBV. 2014b. “Informe Anual 2014”. [http://www.cnbv.gob.mx/TRANSPARENCIA/Documents/Informe_Anual_2014.pdf]. July 2015. CNBV. 2015a. “Banca Múltiple”. [http://www.cnbv.gob.mx/SECTORES-SUPERVISADOS/BANCA-MULTIPLE/Paginas/Descripci%C3%B3n-delSector.aspx]. July 2015. CNBV. 2015b. “Reportes de Inclusión Financiera”. [http://www.cnbv.gob.mx/Inclusi%C3%B3n/Paginas/Reportes.aspx]. July 2015. CNBV. 2015c. “Sociedades Cooperativas de Ahorro y Préstamo”. [http://www.cnbv.gob.mx/SECTORES-SUPERVISADOS/SECTOR-POPULAR/ Descripci%C3%B3n-del-sector/Paginas/Sociedades-Cooperativas-de-Ahorro-y-Pr%C3%A9stamo.aspx]. July 2015. CNSF (Comisión Nacional de Seguros y Fianzas). 2014a. “CNSF”. Mexico. [http://www.cnsf.gob.mx/CNSF/Paginas/somos.aspx]. July 2015. CNSF. 2014b. “Leyes y Reglamentos”. Mexico. [http://www.cnsf.gob.mx/Normativa/Paginas/LeyesReglamentos.aspx]. July 2015. CNSF. 2014c. “Información Financiera”. Mexico. [http://www.cnsf.gob.mx/EntidadesSupervisadas/InstitucionesSociedadesMutualistas/ Paginas/informacionfinanciera.aspx]. July 2015. CONDUSEF (Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros). 2015a. “Buró de Entidades Financieras”. [http://www.buro.gob.mx/inicio.php?id_sector=0]. July 2015. CONDUSEF. 2015b. “Avances y logros de la reforma financiera en materia de protección al usuario”. [http://www.condusef.gob.mx/index.php/ comunicados-de-prensa/1168-avances-y-logros-de-la-reforma-financiera-en-materia-de-proteccion-al-usuario]. July 2015. CONDUSEF. 2015c. “Clausulas Abusivas”. [http://www.condusef.gob.mx/index.php/consulta-y-denuncia-las-clausulas-abusivas]. July 2015. Consejo Nacional para la Prevenir la Discriminación. 2012. “Reporte sobre la discriminación en México 2012”. Mexico. [http://www.conapred. org.mx/userfiles/files/Reporte%20D-CREDITO-Web_INACCSS.pdf]. July 2015. Diario Oficial de la Federación. 2011. “Acuerdo por el que se crea el Consejo Nacional de Inclusión Financiera”. “Ley para regular las sociedades de información crediticia”. [http://www.diputados.gob.mx/LeyesBiblio/pdf/237.pdf]. July 2015. Montano, Dante. 2015. “Crecimiento de la Aceptación en México a través de Agregadores con Terminales Móviles”. [http://www.iirmexico.com/ documentacion/archivos/BE183P/Dante%20Monta%C3%B1o_MASTERCARD.pdf]. July 2015. Presidencia de la Republica. 2014. “Segundo Informe de Gobierno 2013-2014”. Mexico City. Raphael, Ricardo. 2014. “Discriminación Financiera”. México. [http://www.sinembargo.mx/opinion/27-06-2014/25040]. July 2015.

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Mongolia Interviews Enkhbold, Enerelt. Investment Officer. Asian Development Bank (ADB). 5 August 2015. Magvan, Bold. Chief Executive Officer. XacBank. 10 August 2015. Additional source wished to remain anonymous.

References Alliance for Financial Inclusion (AFI). 2012. “Commitment made by the Financial Regulatory Commission of Mongolia”. 2 November. [http://www.afi-global.org/countries/Mongolia]. Asian Development Bank (ADB). 2013. “Proposed Loan Mongolia: Payment System Modernization Project”. Report and Recommendation of the President to the Board of Directors, November. [http://adb.org/sites/default/files/projdocs/2014/46312-001-rrp.pdf]. Bank of Mongolia. 2012. Decree of the Governor of the Bank of Mongolia. The Regulation on Bank Unit. 3 July. [http://www.mongolbank.mn/ documents/regulation/control_check/20120822_Bank_Unit_eng.pdf]. Child & Youth Finance International (CYFI). 2015. “Mongolia”. [http://www.childfinanceinternational.org/asia/Mongolia]. Climate Change, Agriculture and Food Security. 2015. “Scaling Up Index Insurance for Smallholder Farmers: Recent Evidence and Insights”. CCAFS Report No. 14, January. [https://cgspace.cgiar.org/rest/bitstreams/38716/retrieve]. Erdene, Tsolmen. “Mongolia: Banking Sector”. Economic Research Institute for Northeast Asia (ERINA), Discussion Paper No. 1004e, December. [http://www.erina.or.jp/en/wp-content/uploads/2014/11/1004e.pdf]. EuroMoney. 2014. “Special Report: Mongolia Aims for a Brighter Banking Future”. July. [http://www.euromoney.com/Article/3362779/Specialreport-Mongolia-aims-for-a-brighter-banking-future.html]. Greenleaf, Graham. 2012. “Major Changes in Asia Pacific Data Privacy Laws: 2011 Survey”. Privacy Laws & Business International Report, 4 February. [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2001820&download=yes]. Hogan Lovells. 2013. “Mongolia Introduces a Mandatory Deposit Insurance Scheme”. 5 March. [http://www.hoganlovells.com/mongoliaintroduces-a-mandatory-deposit-insurance-scheme-03-05-2013/]. International Monetary Fund (IMF). 2011. “Mongolia: Financial System Stability Assessment”. IMF Country Report No. 11/107, May. [http://www.imf.org/external/pubs/ft/scr/2011/cr11107.pdf]. InfoMongolia. 2014. “Central Bank and ADB to Implement Payment System Modernization Project in Mongolia”. 18 March. [http://www.infomongolia.com/ct/ci/7557]. Invest Mongolia Agency. 2015. “Invest in Mongolia”. [http://investmongolia.gov.mn/wp-content/uploads/2015/01/ALL-DONE.pdf]. KPMG. 2012. “Investment in Mongolia”. [https://www.kpmg.com/MN/en/IssuesAndInsights/ArticlesPublications/Investment-2012/ Documents/InvestmentInMongolia2012.pdf]. Microfinance Gateway. 2003. “The Bank of Mongolia: Law on Non-Bank Financial Institutions”. August. [http://www.microfinancegateway.org/ library/bank-mongolia-law-non-bank-financial-institutions]. International Finance Corporation and KfW Bankengruppe. 2009. “Mongolia: Microfinance and Financial Sector Diagnostic Study”. [http://www.frankfurt-school.de/dms/ias/publications_2009/mifa_mongolia/Mogolia%3A%20Microfinance%20and%20Financial%20 Sector%20Diagnostic%20Study.pdf]. Mongolia Briefing. 2013. “Mandatory Deposit Insurance Scheme Adopted in Mongolia”. 24 March. [http://mongolia-briefing.com/ news/2013/03/mandatory-deposit-insurance-scheme-adopted-in-mongolia.html]. Natividad, Oscar Mendoza. 2015. “A Hidden Agenda with the New Capital Requirements for Mongolian Banks”. 21 April. [https://www.linkedin.com/pulse/hidden-agenda-new-capital-requirements-mongolian-oscar]. Parliament of Mongolia. 2003. Law of Mongolia on Consumer Protection. 26 December. [http://www.lehmanlaw.mn/downloads/ Consumerrights(2003).pdf]. Parliament of Mongolia. 2011a. Law on Credit Information. 20 October. [http://www.mongolbank.mn/documents/law/zeeliinmedeeleleng. pdf]. Parliament of Mongolia. 2011b. Law on the Information Transparency and Right to Information. Mongolia. 16 June. [http://unpan1.un.org/intradoc/groups/public/documents/un-dpadm/unpan047231.pdf]. Parliament of Mongolia. 2013. The Bank Deposit Insurance Law. 10 January. [http://dicom.mn/eng/dicom/page/laws]. MicroCapital Affairs LLC. 2014. “Microcapital Brief: International Finance Corporation (IFC) Mongolia Seeks to Improve Secured-Transaction Payment System”. 19 April. [http://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-mongolia-seek-toimprove-secured-transaction-payment-system/]. Rendek, Kelly and M. Wiedmaier-Pfister. 2014. “Access to Finance, Developing the Microinsurance Market in Mongolia”. Asian Development Bank (ADB). [http://www.adb.org/sites/default/files/publication/42038/access-finance.pdf].

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Von Hindenburg, Hannfried. 2014. “IFC Supports Mongolia’s Secured Transaction Reform, Expanding Access to Credit for Smaller Businesses”. 25 March. [http://ifcext.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/C53599C213FE3BBA85257CA600348C57]. World Bank. 2008. “Report on the Observance of Standards and Codes Mongolia: Accounting and Auditing”. 10 March. [http://www.worldbank.org/ifa/rosc_aa_mongolia.pdf]. World Bank. 2012a. “Mongolia Access to Finance Technical Note”. Financial Sector Assessment Program Development Module, June. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/10/08/000356161_20121008014434/Rendered/ PDF/731000WP0Mongo0C0disclosed010050120.pdf]. World Bank. 2012b. “Mongolia, Diagnostic Review of Consumer Protection and Financial Literacy, Volume I: Key Findings and Recommendations”. December. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/ Mongolia-CPFL-Vol-I.pdf]. World Bank. 2012c. “Mongolia, Diagnostic Review of Consumer Protection and Financial Literacy, Volume II: Comparison with Good Practices”. December. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/Mongolia-CPFL-Diagnosticreview-volume2.pdf]. World Bank. 2013. “Financial Capability and Consumer Protection Survey Report, Paving the Road to Better Financial Decision-Making in Mongolia”. August. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/10/25/000442464_201310251 05636/Rendered/PDF/820570WP0P13060Box0379857B00PUBLIC0.pdf]. World Bank. 2014a. “Monglia”. Women, Business and the Law. [http://wbl.worldbank.org/data/exploreeconomies/mongolia/2014]. World Bank. 2014b. “Global Survey on Consumer Protection and Financial Literacy: Oversight Frameworks and Practices in 114 Economies”. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Publications/CPFL-Global-Survey-114econ-Oversight-2014. pdf]. World Bank. 2014c. “Deposit Interest Rate”. [http://data.worldbank.org/indicator/FR.INR.DPST]. World Bank. 2015a. “New Insurance Model Protects Mongolian Herders from Losses”. 4 March. [http://www.worldbank.org/en/news/ feature/2015/03/04/new-insurance-model-protects-mongolian-herders-from-losses]. World Bank. 2015b. “Doing Business 2015: Mongolia”. [http://www.doingbusiness.org/data/exploreeconomies/mongolia?topic=gettingcredit#getting-credit].

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Morocco Interviews Abdel Aziz, Teymour. Economist, Finance and Private Sector Development MENA. World Bank. 16 July 2015. Chehadi, Nadine. MENA Representative. CGAP (Consultative Group to Assist the Poor). 29 July 2015. Hassar, Mostafa. Head of Bank Supervision, Bank al-Maghrib. 1 August 2015. Lamrini, Rida. President, The Foundation of Young Entrepreneurs. 12 August 2015.

References Al-Jafari, Mohammed. 2009. “Deposit Insurance Systems in the MENA Region: Recent Developments”. Presented at the FSVC-FSI- MENA FRTI Joint Regional Seminar, 9 April, Cairo. [http://maktabatmepi.org/download/365/142/Mohammed]. Alliance for Financial Inclusion (AFI). 2014. “Maya Declaration: 2013 Commitment made by Bank Al-Maghrib Morocco”. 7 February. [http://www.afi-global.org/library/publications/maya-declaration-2013-commitment-made-bank-al-maghrib-morocco]. Bank al-Maghrib. 2013. ‘Plan Stratégique 2013-2015’. [http://www.bkam.ma/wps/wcm/connect/resources/file/eb7c6c4f37bf1c9/PS20132015.pdf?MOD=AJPERES&attachment=true]. Baker McKenzie. 2012. “A New Challenge in Morocco: The Protection of Personal Data”. 13 November. [http://www.bakermckenzie.com/ ALCasablancaProtectionPersonalDataNov12/]. Thomas, Stephen. “Client Protection in Morocco”. Center for Financial Inclusion (CFI). [http://www.centerforfinancialinclusion.org/ publications-a-resources/client-protection-library/415-client-protection-in-morocco]. Éco. 2013. “Médiation, BAM met de l’ordre”. 30 June. [http://www.leseco.ma/economie/13104-mediation-bam-met-de-l-ordre]. L’Economiste. 2013. “BAM lance un centre pour la mediation bancaire”. 16 January. [http://www.leconomiste.com/article/902525-bam-lanceun-centre-pour-la-m-diation-bancaire]. Linklaters. 2014. “The new insrance regulatory landscape in Morocco”. 22 December. [http://www.linklaters.com/Insights/ Publication1386Newsletter/Insurance-Update-December-2014/Pages/New-insurance-regulatory-landscape-Morocco.aspx]. European Investment Bank. 2013. Mobile Financial Services Proposal: Morocco. 6 November. Flaming, Mark; Tarazi, Michael and el-Sayed, Cherine. 2012. “IFC mobile money scoping country report: Morocco”. Working paper, World Bank, Washington, DC. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/03/19/000442464_20150319100 050/Rendered/PDF/950160WP0Box380ping0Reports0Morocco.pdf]. Global Compliance News. 2014. “The recognition of the autonomy of the Competition Council in Morocco”. 3 June. [http://globalcompliancenews.com/?p=501]. Gide Loyrette Nouel A.A.R.P.I. 2014. “Morocc: Consumer Law”. [http://www.infoclient.gide.com/newsletters/en/france/competition/index. php/morocco]. International Finance Corporation. 2014. “Ending the Microfinance Crisis in Morocco: Acting early, acting right”. [http://www.ifc.org/wps/wcm/ connect/5e1e5a0047850bdba0d4f5299ede9589/IFC+Morocco+MicroFinance+Crisis+report.English.pdf?MOD=AJPERES]. International Monetary Fund (IMF). 2008. “Morocco: Financial System Stability Assessment – Update”. IMF Country report No. 08/333, October. [https://www.imf.org/external/pubs/ft/scr/2008/cr08333.pdf]. Kingdom of Morocco. 2006a. Law N°34-03 on Credit Institutions and similar organizations. Kingdom of Morocco. 2006b. Law N° on Micro-credit. Kingdom of Morocco. 2009. Law N° 09-08 on the Protection of Individuals with respect to the Processing of Personal Data. Kingdom of Morocco. 2011. Law N°31-08 on the Protection of Consumers. Kingdom of Morocco National Human Rights Council. 2013. “Human Rights as provided for in the Moroccan new Constitution”. [http://www.ccdh.org.ma/an/bulletin-d-information/human-rights-provided-moroccan-new-constitution]. Momani, Bessma and Amand, Samantha. 2014. Central Bank Independence in North Africa. The Centre for International Governance Innovation (CGI), 17 March. [https://www.cigionline.org/publications/central-bank-independence-north-africa]. Naceur, Sami Ben, and M. Kandil. 2013. “Basel Capital Requirements and Credit Crunch in the MENA Region”. Working Paper 13/160. IMF (International Monetary Fund). [https://www.imf.org/external/pubs/ft/wp/2013/wp13160.pdf]. Pearce, Douglas. 2010. “Financial Inclusion in the Middle East and North Africa: Analysis and Roadmap Recommendations”. World Bank, 20 December. [http://siteresources.worldbank.org/INTMNAREGTOPPOVRED/Resources/MENAFlagshipInclusion12_20_10.pdf]. Smart Campaign. 2014. “Morocco”. [http://smartcampaign.org/tools-a-resources/692]. World Bank. 2013. “Snapshots: Morocco”. [http://rru.worldbank.org/BESnapshots/Morocco/default.aspx]

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World Bank. 2014. “Enhancing Financial Capability and Inclusion in Morocco: A Demand-Side Assessment”. December. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Publications/Enhancing-Financial-Capability-and-Inclusionin-Morocco-FINAL.pdf]. World Bank. 2015a. “Doing Business: Economy Profile Morocco”. [http://www.doingbusiness.org/Reports/Subnational-Reports/~/media/ giawb/doing%20business/documents/profiles/country/MAR.pdf]. World Bank. 2015b. “Morocco”. Women, Business and the Law. [http://wbl.worldbank.org/data/exploreeconomies/morocco/2015].

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Mozambique Interviews Saunders, David. Knowledge Manager. Centre for Financial Regulation & Inclusion. 3 August 2015. Da Silva, Danilo. Executive Director. MICROMZ. 4 August 2015. Helms, Brigit. Chief of Party, Support Program for Economic and Enterprise Development (SPEED). Development Alternatives Incorporated. 11 August 2015. Machava, Luís. MICROMZ. 4 August 2015. Matsombe, Joana. General Manager. Bank of Mozambique. 7 August 2015. Wrede, Peter. Senior Insurance Specialist. World Bank. 6 August 2015. Tsevete, Rui. Institute of Insurance Supervision of Mozambique. 13 August 2015

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Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). 2014. “Conference Summary and Key Findings: Financial Services for Rural Areas”. Maputo, Mozambique. [https://www.giz.de/en/downloads/giz2014-en-conference-summary-key-findings-maputo.pdf]. July 2015. Economist Intelligence Unit (EIU). 2014. “Global Microscope 2014: the enabling environment for financial inclusion”. [http://www.citigroup.com/latinamerica/en/community/data/2014_Global_Microscope-EN.pdf]. July 2015. Finmark Trust 2012. “Finscope MSME Survey: Mozambique 2012”. [http://www.finmark.org.za/wp-content/uploads/pubs/Rep_FS_ Mozambique_MSME_20121.pdf]. July 2015. Finmark Trust. 2012. “Mapping the Retail Payment Services Landscape Malawi, Mozambique, Zambia and Zimbabwe: Country Report”. [www.finmark.org.za/blog/publication/mapping-the-retail-payments-services-landscape-regionalreport/]. July 2015. Government of Mozambique. “Constitution of the Republic of Mozambique”. 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[http://www.issm.gov.mz/images/Legislacao/Decreto%20n%2030%202011%20Condicoes%20de%20Acesso%20e%20de%20 Exercicio%20da%20Actividade%20Seguradora%20e%20da%20Respectiva%20Mediacao.pdf]. July 2015. Government of Mozambique. 2013a. “Bulletin of the Republic: The Official Publication of the Republic of Mozambique: Aviso n 11/GBM/2013”. Series 1, Number 104. Government of Mozambique. 2013b. “Mozambique Financial Sector Development Strategy 2013-2022”. Government of Mozambique. 2015a. “Bulletin of the Republic: The Official Publication of the Republic of Mozambique: Aviso n 3/GBM/2015”. Series 1, Number 35. Government of Mozambique. 2015b. “Bulletin of the Republic: The Official Publication of the Republic of Mozambique: Notice nº 3/ISSM/2015”. Series 3, Number 51. ISSM (Instituto de Supervisao de Seguros de Mocambique). 2015a. Website. [http://www.issm.gov.mz/index.php/en/]. July 2015. ISSM. 2015b. “Report Concerning the Insurance Market in 2013”. [http://www.issm.gov.mz/images/Legislacao/RELATORIO_ANUAL_%202013. pdf]. July 2015. ISSM. “Strategic Plan of the ISSM, 2014 – 2018”. [http://www.issm.gov.mz/images/Legislacao/pe.pdf]. July 2015. IMF (International Monetary Fund). 2008. “Republic of Mozambique: Report on Observances of Standards and Codes—Fiscal Transparency Module”. May. [https://www.imf.org/external/pubs/ft/scr/2008/cr08152.pdf]. July 2015. IMF. 2009. “Republic of Mozambique: Financial Sector Assessment Program—Financial System Stability Assessment”. IMF Country Report No. 10/12, January. [http://www.imf.org/external/pubs/ft/scr/2010/cr1012.pdf]. July 2015. IMF. 2015. “Third Assessment of the Agreement to Support Political Economy instruments: Report of the Body and Technical Press Release”. January. [https://www.imf.org/external/lang/Portuguese/pubs/ft/scr/2015/cr1512p.pdf]. July 2015. MacauHub. 2015. “Bank of Mozambique prepares strategy for financial inclusion of the population”. 12 May. [http://www.macauhub.com.mo/ en/2015/05/12/bank-of-mozambique-prepares-strategy-for-financial-inclusion-of-the-population/]. July 2015. Making Finance Work for Africa Partnership. “Mozambique: Financial Sector Profile”. [http://www.mfw4a.org/mozambique/financial-sectorprofile.html#c11099]. July 2015. Marapusse, Rosario. 2014. “Access to and the cost of credit in Mozambique: a hint to minimize the chronic problem”. 4 November. United States Agency for International Development. [http://www.speed-program.com/blogs/acesso-e-custo-do-credito-em-mocambique-uma-dicapara-minimizar-o-cronico-problema-2]. July 2015. Meignen, Eva. 2015. “Mozambique: Proposed Law on Banking Agents”. AllAfrica.com, 18 February. [http://allafrica.com/ stories/201505112151.html]. July 2015. MFTransaprency. 2012. “Country Survey for Mozambique”. [http://www.mftransparency.org/resources/country-survey-mozambique/]. July 2015. SEEP Network and Mastercard Foundation. 2013. “Responsible Finance Market Overview: Mozambique”. [http://www.seepnetwork.org/filebin/ ad/seep_RFMO_mozambique_v3_1.pdf]. July 2015. UNCDF (United Nations Capital Development Fund). 2014a. “Digital Financial Services in Africa: Beyond the Kenyan Success Story”. [http://www.eib.org/attachments/country/study_digital_financial_services_in_africa_en.pdf]. July 2015. UNCDF. 2014b. “Digital Financial Services in Mozambique”. [http://www.uncdf.org/sites/default/files/Documents/bn_mozambique_final.pdf]. July 2015.

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Versão Portuguesa. 2013. “Basel II in Mozambique: The New Rules of Capital Adequacy and Risk Management”. Flash News, February 4. [http://www.vda.pt/xms/files/Newsletters/en/Flash_VdAtlas_-_Basel_II_in_Mozambique_-_The_New_Rules_of_Capital_Adequacy_ and_Risk_Management_-04.02.2013-.pdf]. July 2015. World Bank. 2009. “Mozambique: Financial Sector Assessment”. Financial Sector Assessment Program, The World Bank and The International Monetary Fund (IMF). [https://openknowledge.worldbank.org/bitstream/handle/10986/15920/520150FSA0P1141B01OfficialUse0Only1. pdf?sequence=1]. July 2015. World Bank. 2012. “Diagnostic Review of Consumer Protection and Financial Literacy Volume 1 Key Findings and Recommendations”. The World Bank: Washington, DC. World Bank. 2013. “Data: Bank Regulation and Supervision Survey”. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREP ORT/0,,contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html]. July 2015. World Bank. 2014a. “Enhancing Financial Capability and Inclusion in Mozambique: A Demand-Side Assessment”. The World Bank: Washington, DC. World Bank. 2014b. “Global Survey on Consumer Protection and Financial Literacy: Oversight Frameworks and Practices in 114 Economies”. The World Bank: Washington, D.C. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Publications/CPFL-GlobalSurvey-114econ-Oversight-2014.pdf]. July 2015. World Bank. 2014c. “Inflation, consumer prices (annual %)”. [http://data.worldbank.org/indicator/FP.CPI.TOTL.ZG]. July 2015. World Bank. 2014d. “International Development Association: Program Document for A Proposed Development Policy Credit”. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/06/26/000442464_20140626094618/Rendered/ INDEX/775560PGD0P133010Box385244B00OUO090.txt]. July 2015. World Bank. 2014e. “Mozambique – Financial Sector DPO – Implementation Status and Results Report”. [http://www-wds. worldbank.org/external/default/WDSContentServer/WDSP/AFR/2015/06/08/090224b082f03dec/1_0/Rendered/PDF/ Mozambique000M0Report000Sequence002.pdf]. July 2015. World Bank. 2014f. “Program Document for a First Programmatic Financial Sector Development Policy Operation”. The World Bank: Washington, DC. World Bank. 2015. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/mozambique/#getting-credit]. July 2015.

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Nepal Interviews Dhakal, Nara Hari. Expert in Banking, Finance and Enterprise Development. 3 August 2015. Rajbanshi, Ram Dayal. Assistant General Manager. Rural Microfinance Development Center Ltd. (RMDC). 29 July 2015. Additional source wished to remain anonymous.

References Adhikari, Anil Chandra. “CEO’s Message”. Credit Information Bureau of Nepal. [http://www.cibnepal.org.np/ceo_message.php]. Anju. “Banking in Nepal - NRB Directives and compliance”. [http://anju.page.tl/NRB-Directives-And-Compliance.htm]. Anyanwu, Akudo C., A. E. Ezugwu., and S. E. Abdullahi. 2012. “Electronic Payment System (EPS): Facilitating the Development and Adoption in Nigeria”. IJCSI International Journal of Computer Science Issues, Vol. 9, Issue 2, No 1. [http://ijcsi.org/papers/IJCSI-9-2-1-462-467.pdf]. BWTP (Banking with the Poor Network). 2009. “Microfinance industry report: Nepal”. [http://www.bwtp.org/files/MF_Industry_Nepal_ ELECTRONIC.pdf]. BWTP. 2013. “Launch of Risk Management Tool for MFIs of Nepal.” 19 November. [http://www.bwtp.org/news/?p=968]. Bk, Man Badadur. 2008. “Social inclusion in microfinance.” Social Inclusion Research Fund, SNV Nepal. [http://www.socialinclusion.org.np/ new/files/Man%20Bahadur%20BK-Social%20Inclusion%20in%20Microfinance_1336453342c2td.pdf]. Boston University. “Nepal”. Center for Finance, Law, & Policy. [http://www.bu.edu/bucflp/countries/nepal/]. Camner, Gunner. 2013 “Banks in Nepal are building interoperable mobile money offerings.” GSM Association (GSMA), 25 November. [http://www.gsma.com/mobilefordevelopment/banks-in-nepal-are-building-interoperable-mobile-money-offerings]. Consumers International. 2011. “Strategies for Strengthening Consumer Protection in Nepal”. 29 December. [http://www.consumersinternational.org/media/958802/report%20of%20the%20national%20policy%20conference.pdf]. Credit Information Bureau of Nepal. 2013. “Frequently Asked Questions”. [http://www.cibnepal.org.np/faq.php]. Dhakal, Nara Hari. 2011. “Financial Inclusion: State of Art in Nepal”. Consultative Group to Assist the Poor (CGAP), January. [http://www.microfinancegateway.org/library/financial-inclusion-state-art-nepal]. Ferrari, Aurora, F. Jaffrin, and S. R. Shrestha. 2007. “Acess to Financial Services in Nepal”. World Bank. [http://siteresources.worldbank.org/ NEPALEXTN/Resources/publications/415830-1174327112210/complete.pdf]. Himalayan Times. 2014. “We’ve been requesting NRB to revisit the current classification standard.” 23 March. [http://www.thehimalayantimes. com/fullNews.php?headline=%27We%27ve+been+requesting+NRB+to+revisit+the+current+classification+standard%27&News ID=409522]. Insurance Regulatory Authority of Nepal. 1993. “Insurance Regulation”. [http://www.bsib.org.np/index.php?option=download&id=88]. IFC (International Finance Corporation). 2011.“Deposit Assessment in Nepal”. [http://www.microsave.net/files/pdf/Deposit_Assessment_In_ Nepal.pdf]. IFC. 2013. “IFC Mobile Money Scoping Country Report: Nepal”. [http://www.gcgf.org/wps/wcm/connect/887b7380407b903790b090cdd0ee 9c33/Nepal+Scoping+Report+052913_final_for+publication.pdf?MOD=AJPERES]. International Monetary Fund (IMF). 2012. “Nepal: 2012 Article IV Consultation”. IMF Country Report No.12/326, December. [http://www.imf.org/external/pubs/ft/scr/2012/cr12326.pdf]. Kathmandu Post. 2012. “Directives to regulate e-banking”. 22 June. [http://www.ekantipur.com/the-kathmandu-post/2012/06/22/money/ directives-to-regulate-e-banking/236353.html]. Kathmandu Post. 2013. “Central bank relaxes Know Your Customer rules.” 5 April. [http://www.ekantipur.com/the-kathmandupost/2013/04/05/money/central-bank-relaxes-know-your-customer-rules/247275.html]. Kathmandu Post. 2014a. “World Bank, IMF Voice Concern Over Central Bank Directives on Spread Rate and Directed Lending”. 23 April. [http://kathmandupost.ekantipur.com/news/2014-04-23/world-bank-imf-voice-concern.html]. Kathmandu Post. 2014b. “NRB to remodel supervision as per degree, type of risk”. 4 June. [http://www.ekantipur.com/2014/06/04/business/ nrb-to-remodel-supervision-as-per-degree-type-of-risk/390482.html]. Kathmandu Post. 2015. “Agents permitted to sell micro Insurance”. 19 September. [http://www.ekantipur.com/2014/09/19/business/agentspermitted-to-sell-micro-insurance-policies/395281.html]. Maya Declaration: The AFI network commitment to financial inclusion. 2013. Commitment made by the Nepal Rastra Bank. [http://www.afi-global.org/sites/default/files/publications/maya_declaration_nepal_rastra_bank-new1-9.pdf ]; MicroCapital. 2014a. “Microcapital brief: Nepal’s Microfinance Institutions (MFIs) See 21% Growth in Profit During 2013-2014 Amidst Concerns over High Interest Rates Charged to Borrowers”. 15 July. [http://www.microcapital.org/microcapital-brief-nepals-microfinanceinstitutions-mfis-see-21-growth-in-profit-during-2013-2014-amidst-concerns-over-high-interest-rates-charged-to-borrowers/].

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MicroCapital. 2014b. “Microcapital brief: Beema Samiti of Nepal to Sidestep Cabinet to Allow Traditional Insurers to Offer Microinsurance Starting in July 2014”. 26 June. [http://www.microcapital.org/microcapital-brief-beema-samiti-of-nepal-to-sidestep-cabinet-to-allow-traditionalinsurers-to-offer-microinsurance-starting-in-july-2014/]. Micro-Credit Ratings International Limited (M-CRIL). “Nepal Microfinance Review: Microfinance rising above the turmoil”. 2012. [http://www.m-cril.com/BackEnd/ModulesFiles/Publication/Nepal-Microfinance-Review-2012.pdf]. Mishra, Bam Bahadur. 2008. “The Development of E-Payment and Challenges in Nepal”. In The Development of E-payments and Challenges for Central Banks in The SEACEN Countries, June. [http://www.seacen.org/gui/pdf/publications/research_proj/2008/rp71/chap6.pdf]. NRB. (Nepal Rastra Bank). National Payment System Development Strategy [http://www.nrb.org.np/bfr/circular/2071-72/2071_72_ (Notice)--01%20Nepal%20National%20Payment%20System%20Development%20Strategy.pdf] NRB. 2010a. “Interest Rate Structure of Commercial Banks”. [http://www.nrb.org.np/bfr/bfrstatistics.php?tp=interest_rate_ structure&&vw=15]. NRB. 2010b. “Risk Management Guidelines”. [http://bfr.nrb.org.np/directives/Guidelines--Risk_Management_Guidelines_2010.pdf]. NRB. 2013a. “Country Report: Nepal”. Presented at the SAARC FINANCE Seminar on Regulation and Supervision of Microfinance Institutions in SAARC Region, Kathmandu. [http://www.nrb.org.np/saf/seminar/mfonsaarcregion/Nepal_Country_Paper.pdf]. NRB. 2013b. “Monetary Policy for Fiscal Year 2013/14”. July. [http://myrepublica.com/portal/index.php?action=news_details&news_id=89481]. NRB. 2013c. “Introduction”. Presented at the SAARC FINANCE Seminar on Regulation and Supervision of Microfinance Institutions in SAARC Region, Kathmandu. [http://www.nrb.org.np/saf/seminar/mfonsaarcregion/Brochure.pdf]. NRB. 2013d. “Some glimpses of microfinance activities in Nepal”. June. [http://www.nrb.org.np/mfd/pdffiles/MFD_Activities_ Brocher_20700219.pdf]. NRB. 2014a. “Financial Stability Report”. July. [http://www.nrb.org.np/bfr/circular/2071-72/2071_72_(Notice)--01%20Nepal%20 National%20Payment%20System%20Development%20Strategy.pdf]. NRB. 2014b. “Financial Stability Report”. [http://www.nrb.org.np/red/publications/fin_stab_report/Financial_Stability_Report--Issue_ No._4_(July_2014)-new.pdf]. NRB. 2015. “Nepal Payments System Development Strategy”. Banks and Financial Institutions Regulation Department, 4 April. [http://www.nrb. org.np/bfr/circular/2071-72/2071_72_(Notice)--01%20Nepal%20National%20Payment%20System%20Development%20Strategy.pdf]. Nepal Investment Bank Ltd. 2015. “Branchless Banking”. [https://www.nibl.com.np/index.php?option=com_content&view=article&id=159&It emid=113]. Pénicaud, Claire, and Arunjay Katakam. 2013. “State of the Industry, Mobile Financial Services for the Unbanked”. GSM Association, Mobile Money for the Unbanked Programme (MMU). [http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2014/02/SOTIR_2013. pdf]. Prina, Silvia. 2013. “Banking the poor via savings accounts: evidence from a field experiment”. Case Western Reserve University, 28 January. [http://economics.yale.edu/sites/default/files/prina_130304.pdf]. Shrestha, Prithvi Man. 2012. “New NRB Act proposes prez appoint governor”. 28 April. [http://kathmandupost.ekantipur.com/printedition/ news/2012-04-27/new-nrb-act-proposes-prez-appoint-governor.html]. Staschen, Stefan. 2003. “Regulatory Requirements for Microfinance: A Comparison of Legal Frameworks in 11 Countries Worldwide”. Deutsche Gesellschaft für Internationale Zusammenarbeit (GTZ) GmbH. [http://www.bu.edu/bucflp/files/2012/08/Regulatory-Requirements-forMicrofinance.pdf]. Upsides. 2013. “Branchless banking in Nepal: Hello Paisa”. 21 May. [http://www.upsides.com/interview/branchless-banking-in-nepal-hellopaisa/]. World Bank. 2015. “Economic Profile: Nepal”. Doing Business 2015: Going Beyond Efficiency. [http://www.doingbusiness.org/reports/globalreports/~/media/giawb/doing%20business/documents/profiles/country/NPL.pdf].

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Nicaragua Interviews Chamorro, Armando. Capital Markets and Financial Institutions Division, Country Office in Nicaragua. Inter-American Development Bank (IDB). 4 August 2015. Ramírez Argüello, Julio. Vice-Gerente General de Negocios. Banco Promerica. 12 August 2015. Ruiz, Gloria. Chief executive officer. Pro-Mujer. 22 July 2015.

References Arias, Juan Pablo. 2012. “Infocoop propone seguro para depósitos en cooperativas”. La Nación. 25 October. [http://www.nacion.com/archivo/ Infocoop-propone-seguro-depositos-cooperativas_0_1301269897.html]. October 2015. Banco Central de Nicaragua. Website. [http://www.bcn.gob.ni/]. August 2015. Banpro Grupo Promerica. 2014. “Agente Banpro”. [https://www.banpro.com.ni/ps_AgenteBancario.asp]. August 2015. CentralAmericaData. 2012. “Nicaragua to Create Financial Analysis Unit”. 25 April. [http://www.centralamericadata.com/en/article/home/ Nicaragua_to_Create_Financial_Analysis_Unit]. August 2015. CentralAmericaData. 2015. “Nicaragua Gets Off “Gray List”. 12 March. [http://www.centralamericadata.com/en/article/home/Nicaragua_Gets_ Off_Gray_List]. August 2015. CONAMI (Comisión Nacional de Microfinanzas). 2014. “Norma Sobre Actualización del Patrimonio o Capital Social Mínimo de las Instituciones de Microfinanzas”. 30 July. [http://www.conami.gob.ni/images/Normativas/ResolucionCONAMI-015-05JUL30-2014_NORMA_ ACTUALIZACION_PATRIMONIO_MINIMO_IMF.pdf]. August 2015. CONAMI. 2015a. “Resolución Administrativa Entrega de Información Solicitada por la Comisión Nacional de Microfinanzas, para las supervisiones in situ y extra situ”. 18 January. [http://www.conami.gob.ni/images/Normativas/Resolucion_PE-018-01-2015.pdf]. August 2015. CONAMI. 2015b. “Plazo Adicional Para Dictar Normas Generales Requeridas por la Ley No. 769”. 19 January. [http://www.conami.gob.ni/ images/Normativas/ResolucionCD-CONAMI-001-01ENE19-2015_PLAZO_ADICIONAL_PARA_DICTAR_NORMAS_PUBLICADA_EN_LA_GACETA. pdf]. August 2015. CONAMI. 2015c. “Norma de Reforma a la Norma Para La Implementación de Información Financiera y Contable de las IFIM no Registradas en la CONAMI”. 23 February. [http://www.conami.gob.ni/images/Normativas/ResolucionCD-CONAMI-005-03FEB23-2015-Reforma_ NormaPresentacionInformacionFinancieraContableIFIM.pdf]. August 2015. CONAMI. 2015d. Website. [http://www.conami.gob.ni/]. August 2015. El Nuevo Diario. 2009. “Discriminación es en Todos los Niveles”. 19 February. [http://www.elnuevodiario.com.ni/nacionales/40423discriminacion-es-todos-niveles/]. August 2015. El Nuevo Diario. 2014. “Cobros Abusivos”. 5 February. [http://www.elnuevodiario.com.ni/economia/310032-cobros-abusivos/]. August 2015. Guerrero, Ricardo. 2014. “Microseguros con buen mercado en el país”. El Nuevo Diario. 18 June. [http://www.elnuevodiario.com.ni/ economia/322662-microseguros-buen-mercado-pais/]. August 2015. InterAmerican Development Bank. 2008. “International Deposit Insurance Survey”. [http://www.iadi.org/surveys/idis_survey2008/ completed_full_text/Fondo%20de%20Garant%C3%ADa%20de%20Dep%C3%B3sitos%20de%20la%20Instituciones%20Financieras%20 (Nicaragua).pdf]. August 2015. International Monetary Fund (IMF). 2013. “2013 Article IV Consultation”. IMF Country Report No. 13/377, 14 November. [https://www.imf.org/external/pubs/ft/scr/2013/cr13377.pdf]. Internet Live Stats. 2014. “Internet Users by Country (2014)”. 1 July. [http://www.internetlivestats.com/internet-users-by-country/]. August 2015. Nueva, Y.A. 2014. “Micros y pequeños empresarios pueden acceder a novedoso micro seguro de “FUNDESER”. 24 June. [http://nuevaya.com.ni/micros-y-pequenos-empresarios-pueden-acceder-a-novedoso-micro-seguro-de-fundeser/]. August 2015. McCord, Michael J., M. Ingram, and C. Tatin-Jaleran. 2014. “The Landscape of Microinsurance in Latin America”. [http://services.iadb.org/ mifdoc/website/publications/8537af6b-1f83-4faa-89c1-2ccb6fff05f5.pdf]. August 2015. MicroRate. 2013. “Centrales Públicas de Riesgo, Burós de Crédito y el Sector Microfinanciero en América Latina”. [http://www.caf.com/ media/4211/65-CentralesdeRiesgosPub-SPA-2013-03-12.pdf]. August 2015. Navas, Lucia. 2013. “A Revisar el Cobro de IR a Depósitos”. La Prensa, 18 September. [http://www.laprensa.com.ni/2013/09/18/ economia/162810-a-revisar-el-cobro-de-ir-a-depositos]. August 2015. Navas, Lucia. 2013. “Fundeser Sera una Financiera”. Asociación de Instituciones Microfinancieras (Asomif). [http://asomif.org/medios/ fundeser-sera-una-financiera/]. August 2015. Olivares, Iván. 2015. “Microfinancieras Quieren Captar Ahorros”. Confidencial. [http://www.confidencial.com.ni/articulo/22093/ microfinancieras-quieren-captar-ahorros]. August 2015.

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Red Centroamericana y del Caribe de MIcrofinanzas. Website. [https://sites.google.com/site/microsegurosredcamif/home/]. August 2015. Republica de Nicaragua. 2005. “Ley no. 499 General de Cooperativas”. Republica de Nicaragua. 2008. “Ley no. 648 de Igualidad de Derechos y Oportunidades”. Republica de Nicaragua. 2010a. “Ley General De Bancos, Instituciones Financieras No Bancarias Y Grupos Financieros”. Republica de Nicaragua. 2010b. “Ley no. 733 de Seguros, Reaseguros, y Fianzas”. Republica de Nicaragua. 2011a. “Ley no.176 Reguladora de Prestamos Entre Particulares”. Republica de Nicaragua. 2011b. “Ley no.769 de Fomento y Regulación de las Microfinanzas”. Republica de Nicaragua. 2011c. “Ley no.787 de Protección de Datos Personales”. Republica de Nicaragua. 2013. “Ley no. 842 de Protección de los Derechos de los Consumidores y Usuarios”. Revista Summa. “Banca Nicaragüense Estrenará Moderno Sistema De Pago En 2016”. [http://www.revistasumma.com/banca-nicaraguenseestrenara-moderno-sistema-de-pago-en-2016/]. August 2015. Riecke, Jeffrey. 2015. “Regulatory Considerations for Latin America’s Mobile Money Market”. [http://cfi-blog.org/2015/07/09/regulatoryconsiderations-for-latin-americas-mobile-money-market/]. August 2015. Sánchez, Ana Cecilia, and M. Sansón. 2013. “Impulsando El Desarrollo De Los Microseguros En Centroamérica”. Fondo Multilateral de Inversiones Miembro del Grupo BID, December. [http://www.fomin.org/Portals/0/microseguros/Microseguros_HojadeProyecto_Redcamif.pdf]. August 2015 Simon, Pascal. 2012. “IFC Money Scoping, Country Report: Nicaragua”. [http://www.ifc.org/wps/wcm/connect/ f14ec40043efb7bd95ecbd869243d457/Nicaragua+Public.pdf?MOD=AJPERES]. August 2015. SIBOIF (Superintendencia de Bancos y de Otras Instituciones Financieras. Website. [http://www.superintendencia.gob.ni/]. August 2015. SIBOIF. 2013. Norma Sobre Transparencia En Las Operaciones Financieras. August 2015. SIBOIF. 2014a. “Norma Sobre Corresponsales No Bancarios”. 28 March. [http://www.superintendencia.gob.ni/documentos/marco_legal/ generales/CD-SIBOIF-827-1-MAR28-2014.pdf]. August 2015. SIBOIF. 2014b. “Norma De Reforma A Los Artículos 2 Y 3 De La Norma Para La Autorización Y Funcionamiento De Entidades Que Operan Con Dinero Electrónico”. 18 June. [http://www.superintendencia.gob.ni/documentos/marco_legal/generales/CD-SIBOIF-839-1-JUN18-2014.pdf]. August 2015. SIBOIF. 2015. “Norma Sobre Micro Seguros”. 2 June. [http://legislacion.asamblea.gob.ni/Normaweb.nsf/4c9d05860ddef1c50625725e0051e5 06/5a87f0e92dfcfebc06257e83005d9209?OpenDocument]. October 2015. World Bank. 2012. “Bank Regulation and Supervision Survey”. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/ 0,,contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html]. August 2015. World Bank. 2014a. “Financial Inclusion Data/ Global Findex”. [http://datatopics.worldbank.org/financialinclusion/region/latin-america-andcaribbean]. August 2015. World Bank. 2014b. “Nicaragua Builds Confidence in Financial Services”. 7 April. [http://www.worldbank.org/en/results/2014/04/07/ consumer-protection-in-banking-and-microfinance]. August 2015. World Bank. 2015. “Ease of Doing Business in Nicaragua: Getting Credit”. Doing Business 2016. [http://www.doingbusiness.org/data/ exploreeconomies/nicaragua/#getting-credit]. August 2015.

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Nigeria Interviews Badmus, Ruskiyat. Head, Financial Control and Strategic Planning. Hasal Microfinance Bank. 21 August 2015. Omare-Ogah, Jero.Managing Director of Fortis Mobile Money and Chief Operating Officer and Chief Strategist of Fortis Microfinance Bank. 20 August 2015.

References Anaesoronye, Modestus. 2013. “NAICOM Releases Micro-insurance Guidelines, Appoints Steering Committee”. Business Day, 13 December. [http:// businessdayonline.com/2013/12/%EF%BB%BF%EF%BB%BF%EF%BB%BFn aicom-releases-micro-insurance-guidelines-appointssteering-committee/#. VAnaH8KwI8s]. Center for Financial Inclusion. 2012. “Responsible Treatment of Clients: Practicing Non-discrimination”. The Smart Campaign. [https:// centerforfinancialinclusionblog.files.wordpress.com/2012/07/20120301_sc_responsible-treatment-of-clients-practicing-nondiscrimination.pdf]. CBN (Central Bank of Nigeria). “Consumer Protection: Complaints Management”. [http://www.cenbank.org/Supervision/cpdcomgt.asp]. CBN. 2004. “Banks and Other Financial Institutions Act”. CBN. 2009. “Regulatory Framework for Mobile Payments Services in Nigeria”. CBN. 2011. “Credit Risk Management System”. [http://www.cenbank.org/Supervision/crms.asp]. CBN. 2012a. “National Financial Inclusion Strategy”. October. [http://www.afi-global.org/sites/default/files/publications/mfg-en-papernational-financial-inclusion-strategy-oct-2012.pdf]. CBN. 2012b. “Revised Regulatory and Supervisory Guidelines for Microfinance Banks (MFBs) in Nigeria”. 18 December. [http://www.cenbank.org/out/2013/ccd/amended%20regulatory%20and%20supervisory%20guidelines%20for%20mfb.pdf]. CBN. 2013a. “Guidelines for the Licensing, Operations and Regulation of Credit Bureaux and Credit Bureaux Related Transactions in Nigeria”. CBN. 2013b. “Circular: Introduction of Three-Tiered Know Your Customer (KYC) Requirements”. 18 January. [http://www.cbn.gov.ng/out/2013/ ccd/3%20tiered%20kyc%20requirements.pdf]. CBN. 2013c. “Circular to All Banks and Discount Houses: The Revised Guide to Bank Charges”. 27 March. [http://www.cenbank.org/out/2013/ fprd/circular%20to%20all%20banks%20and%20discount%20houses.%20the%20rrvised%20guide%20to%20bank%20charges.pdf]. CBN. 2013d. “Clarification on the Requirements for Agent Banking in Nigeria”. 7 August. [http://cenbank.gov.ng/Out/2013/BPSD/Circular%20 on%20Clarification%20on%20the%20Requirements%20for%20Agent%20Banking.pdf]. CBN. 2013e. “Nigeria Payment Systems vision 2020”. September. [http://www.cbn.gov.ng/icps2013/papers/NIGERIA_PAYMENTS_SYSTEM_ VISION_2020%5Bv2%5D.pdf] CBN. 2013f. “Prudential Adjustments to Financial Statements of Other Financial Institutions”. Circular, 11 October. [http://www.cbn.gov.ng/ out/2014/ofisd/prudential%20adjustments%20to%20financial%20statements%20of%20other%20financial%20institutions.pdf]. CBN. 2013g. “National Financial Inclusion Strategy”. December.[http://www.cenbank.org/Out/2013/CCD/NFIS.pdf]. CBN. 2013h. “Guidelines for the Regulation of Agent Banking and Agent Bank Relationships in Nigeria”. [http://www.cenbank.org/out/2013/ ccd/guidelines%20for%20the%20regulation%20of%20agent%20banking%20and%20agent%20banking%20relationships%20in%20 nigeria.pdf]. CBN. 2013i. “Amendment of the Revised Regulatory and Supervisory Guidelines for Microfinance Banks (MFBs) in Nigeria to Allow Unit MFBs to Have One Branch in the Same Local Government Area”. [http://cenbank.org/out/2014/ofisd/unit%20mfbs%20can%20have%20one%20 branch%20within%20its%20lga.pdf]. CBN. 2014a. “Consumer Protection Department: Frequently Asked Questions”. [http://www.cenbank.org/Out/2014/CFPD/CPD_FAQs.pdf]. CBN. 2014b. “Financial Stability Report”. December. [http://www.cenbank.org/Out/2015/FPRD/FSR%20December%202014.pdf]. CBN. 2015a. “Circular to Banks on the Redesign of the Credit Risk Management System (CRMS)”. [http://www.cenbank.org/Out/2015/FPRD/ Circular%20on%20CRMS%20Redesign.PDF]. CBN. 2015b. “Circular to All Banks, Discount Houses, and Other Financial Institutions: Time Bar for Resolution of Customers’ Complaints”. [http://www.cbn.gov.ng/Out/2015/FPRD/time%20Bar%202.PDF]. Economist. 2014. “Trouble in Nigeria: Now for the Fallout”. 1 March. [http://www.economist.com/news/middle-east-and-africa/21597896presidents-decision-get-rid-central-bank-governor-bad-news-now]. Economist Intelligence Unit (EIU). 2014. “Central Bank Independence in an Emerging Democracy”. 7 March. [http://country.eiu.com/article.as px?articleid=591606243&Country=Nigeria&topic=Economy]. EFInA (Enhancing Financial Innovation & Access). 2014a. “About EFInA”. [http://www.efina.org.ng/about-us/]. EFInA. 2014b. “Access to Financial Services in Nigeria 2014 Survey”. [http://www.efina.org.ng/our-work/research/access-to-financial-servicesin-nigeria-survey/efina-access-to-financial-services-in-nigeria-2014-survey/]

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EFInA. 2014c. “The Landscape of Financial Inclusion and Microfinance in Nigeria”. [http://www.efina.org.ng/assets/ResearchDocuments/ OtherResearch/EFInAThe-Landscape-of-Financial-Inclusion-and-Microfinance-in-Nigeria.pdf] EFInA. 2014d. “Supply Side: Assessing the Impact of Financial Inclusion Policies on Deepening Financial Inclusion in Nigeria”. [http://www. efina.org.ng/assets/ResearchDocuments/OtherResearch/EFInAFI-Policy-Supply-Side-Assessment-ReportExternalNov-2014.pdf] Government of Nigeria. 2007. “Central Bank of Nigeria Act. 2007”. 1 June. [http://www.cenbank.org/OUT/PUBLICATIONS/BSD/2007/CBNACT. PDF]. Helix Institute. 2014. “Agent Network Accelerator Survey: Nigeria Country Report 2014”. [http://helix-institute.com/sites/default/files/ Publications/Agent%20Network%20Accelerator%20Nigeria%20Country%20Report%202014_0.pdf] MicroCapital. 2011. “Central Bank of Nigeria (CBN) Looking to Set New Capital Base Requirements for Microfinance Banks (MFBs)”. [http://www. microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-looking-to-set-new-capital-base-requirements-for-microfinance-banksmfbs/]. Microfinance Africa. 2015. “Nigeria: Accelerating Insurance Penetration through Govt Commitment to Micro Insurance”. 7 May. [http:// microfinanceafrica.net/micro-insurance-news/nigeria-accelerating-insurance-penetration-through-govt-commitment-to-microinsurance/]. Moses-Ashike, Hope. 2014. “630 microfinance banks in anxious wait for CBN decision on recapitalization”. Business Day.14 January. [http:// businessdayonline.com/2014/01/630-microfinance-banks-in-anxious-wait-for-cbn-decision-on-recapitalisation/#.VAnbnMKwI8s]. National Insurance Commission. 2013. “Guidelines for Microinsurance Operations in Nigeria”. [http://naicom.gov.ng/payload?id=e116268a8902-4eda-8709-afb7c6dd7918]. New Mail. 2014. “Microfinance banks can’t convert to IFRS now”. 15 April. [http://newmail-ng.com/new/microfinance-banks-cant-convert-ifrsnow/#]. NDIC (Nigeria Deposit Insurance Corporation). 2013. “2012 Annual Report and Statement of Accounts”. NDIC. 2014. “Year 2013 Annual Report and Statement of Accounts”. [http://ndic.gov.ng/wp-content/uploads/2015/01/Links3/PART%20TWO. pdf]. NDIC. 2015a. “Year 2014 Annual Report and Statement of Accounts”. [http://ndic.gov.ng/wp-content/uploads/2015/07/Links/PART%20TWO.pdf]. NDIC. 2015b. “Frequently Asked Questions”. [http://ndic.gov.ng/frequently-asked-questions/]. NDIC. 2015c. “Facts about Deposit Insurance for MFBs & PMIs”. [http://ndic.org.ng/facts-about-deposit-insurance-for-mfbs--pmis.html]. Nigeria Inter-Bank Settlement System. Website. [http://www.nibss-plc.com/services/nibss-instant-payment]. Popoola, Nike. 2015. “NAICOM gives 16 micro-insurance companies licenses”. PUNCH, 5 July.[http://www.punchng.com/business/naicomgives-16-micro-insurance-companies-licences/]. PUNCH. 2014. “CBN needs to redesign microfinance banks”. 29 September. [http://www.punchng.com/editorials/cbn-needs-to-redesignmicrofinance-banks/]. Sanusi, Lamido. 2012. “Overview of the National Financial Inclusion Strategy and Role of Banks in Promoting Financial Inclusion in Nigeria”. Key note address delivered at EFInA Innovation Forum themed “From Data to Action: Making Financial Inclusion Real in Nigeria”, 22 November. The Nation. 2014. “CBN Directs Banks to Pay 30% MPR on Savings”. [http://thenationonlineng.net/cbn-directs-banks-to-pay-30-mpr-onsavings/]. World Bank. 2013a. “Nigeria: Basel Core Principles for Effective Banking Supervision: Detailed Assessment of Observance”. Working Paper, Financial Sector Assessment Program (FSAP), Washington DC. [http://documents.worldbank.org/ curated/en/2013/05/18170451/nigeria-basel-core-principles-effective-banking-supervision-detailed-assessment-observance]. World Bank. 2013b. “Banking Regulation and Supervision Survey”. [http://go.worldbank.org/WFIEF81AP0]. World Bank. 2014. “Global Financial Development Database (November 2013 version)”. [http://data.worldbank.org/data-catalog/globalfinancial-development]. World Bank. 2015. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploreeconomies/nigeria/].

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Pakistan Interviews Ahmed, Saeed. Director. Agriculture Credit and Microfinance Department, State Bank of Pakistan. 6 August 2015. Ahmed, Syed Mohsin. Chief Executive Officer. Pakistan Micro Finance Network (PMN). 7 August 2015. Ali, Khadija. Social Analyst. Pakistan Micro Finance Network. 7 August 2015. Basharat, Ali. Financial Analyst. Pakistan Micro Finance Network. 7 August 2015. Iqbal, Moazzam. Technical Analyst. Pakistan Micro Finance Network. 7 August 2015. Kanji, Inshan Ali Nawaz. International consultant on financial sector. 6 August 2015. Mehdi, Syed Aemad. Head of Pricing, Business Analysis and Reporting-Mobile Money (Easy Paisa). Telenor Pakistan. 7 August 2015. Shaikh, Sarmad Ahmed. Financial Sector Specialist, World Bank. 28 July 2015.

References Arshad, Ammaer, A. Basharat, and K. Ali. 2015. “Pakistan Microfinance Review 2014”. Pakistan Microfinance Network (PMR), 6 July. [http://microfinanceconnect.info/assets/articles/6a6d84c7346aa2f278887b911b1fe1d7.pdf]. Economist Intelligence Unit (EIU). 2015. “Pakistan”. Country Risk Service, July. IMF (International Monetary Fund). 2015a. “Pakistan: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding”. 12 March. [https://www.imf.org/external/np/loi/2015/pak/031215.pdf]. IMF. 2015b. “Pakistan: Eighth Review Under the Extended Arrangement and Request for Waiver of Non-Observance of Performance Criteria”. IMF Country Report No. 15/278, October. [https://www.imf.org/external/pubs/ft/scr/2015/cr15278.pdf]. Securities and Exchange Commission Pakistan. 2013. “Micro Insurance Rule- Statutory Notification (SRO)”. 18 June. [http://www.secp.gov.pk/ notification/pdf/2013/Microinsurance_Rules_Official_Gazette_Notification_18062013.pdf]. SBP (State Bank of Pakistan). 2009. “Special FCY Borrowing by Micro Finance (MFB/Is)”. FE Circular Letter No. 8. SBP. 2011. “Banking Policy and Regulations Department Prudential Regulation for Consumer Financing”. 31 January. SBP. 2014a. “Prudential Regulation of Microfinance Banks”. Agricultural Credit and Microfinance Department, 10 June. [http://www.sbp.org.pk/acd/2014/C3-Annex.pdf]. SBP. 2014b.”Statistics on Scheduled Bank in Pakistan”. 30 June. [http://www.sbp.org.pk/publications/schedule_banks/Jun-2014/TitleReview.pdf]. SBP. 2015. Credit Bureau Act. SBP. 2015. National Financial Inclusion Strategy. 22 May. [http://www.sbp.org.pk/press/2015/FM-22-May-2015.pdf]. SBP. 2015. “Amendment in Prudential Regulations (R-1) for Microfinance Banks (MFBs)”. BPRD Circular No. 10, 3 June. [http://www.sbp.org. pk/bprd/2015/C10.htm]. SBP. 2015. “Guidelines on Low Risk Bank Accounts with Simplified Due Diligence - Asaan Account”. BPRD Circular No. 11, 22 June. [http://www.sbp.org.pk/bprd/2015/C11.htm]. SBP. 2014. “Branchless Banking Newsletter, Issue 14”. [http://www.sbp.org.pk/publications/acd/BranchlessBanking-Oct-Dec-2014.pdf]. World Bank. 2014. “Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1: Key Findings and Recommendations.” March. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/Pakistan-CPFL-Diagnostic-review-Vol1. pdf]. World Bank. 2015. “Islamic Republic of Pakistan-Second Fiscally Sustainable and Inclusive Growth Development Policy Credit. Report No. 96376PK”. 21 May. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/06/22/090224b082f700cb/2_0/ Rendered/PDF/Pakistan000Sec0olicy0Credit0Project.pdf].

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Panama Interviews Espinosa, Monica. Microserfin. 20 August 2015. Osorio, Rolando. Jefe Departamento Análisis Económico. Banco Nacional de Panamá. 14 September 2015. Velasco, Ana Raquel. Subdirectora de Regulación. Superintendencia de Banco de Panamá. 26 August 2015.

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República de Panamá. 2014. “Ley 130: Que establece el marco normativo prudencial par alas instituiciones de microfinanzas y modifica disposiciones de la Ley 10 de 2002, que establece normas con relación al sistema de microfinanzas”. Gaceta Oficial Digital, January 8. [http://gacetas.procuraduria-admon.gob.pa/27449-C_2014.pdf]. July 2015. República de Panamá. 2015. “Plan Estratégico de Gobierno – Un Solo País: 2015-2019”. Ministério de Economía y Finanzas, 26 January. [http://www.mef.gob.pa/es/noticias/Paginas/PlanEstrategico2015_2019.aspx#.Vbyf-UVXRWY]. June 2015. Rivera, Cesar (2012). “Sobre el Nuevo regimen legal de seguros”. RBC Attoneys at Law, 14 May. [http://www.rbc.com.pa/ActualidadRBC/ ActualidadRBC-2012Mayo14.html]. July 2015. SBP (Superintendencia de Bancos de Panamá). 1998. “General Information: Banking Regulation and Supervision in Panama: from the National Banking Comission to the Superintendency of Banks”. [http://www.superbancos.gob.pa/en/about-sbp]. July 2015. SBP. 2003. “Acuerdo 2-2003”. Superbancos, 8 March. [http://www.superbancos.gob.pa/documentos/leyes_y_regulaciones/leyes_y_ regulaciones/acuerdos/Acuerdo_2-2003.pdf]. June 2015. SBP. 2011a. “Acuerdo No. 006-2011 de 6 de diciembre de 2011: por medio del cual se establecen lineamientos sobre banca electronica y la gestión de riesgos relacionados”. [http://www.superbancos.gob.pa/documentos/leyes_y_regulaciones/leyes_y_regulaciones/acuerdos/ Acuerdo_6-2011.pdf]. July 2015. SBP. 2011b. “Acuerdo No. 001-2011: por el cual se dictan lienamentos para la transparencia de la información por el uso de los productos y servicios bancarios”. 4 January. [https://at03.sbancos.gob.pa/aspec_leyes/documentos/acuerdos/files/Acuerdo_1-2011.pdf]. August 2015. SBP. 2012a. “Acuerdo no. 002-2012 de 18 de abril de 2012: por medio del cual se regula la contratación de corresponsales no bancarios para la prestación de determinados servicios en nombre de los bancos”. 18 April. 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SBP. 2014a. “Nuevo Producto Financiero Favorecera la Inclusion Financiera en Panama”. Dirección de Comunicación y Relaciones Públicas, 12 May. [http://www.superbancos.gob.pa/documentos/noticias_y_eventos/2014/05_may/Movil_cash.pdf]. July 2015. SBP. 2014b. “Bancarización en Panamá”. Dirección de Estudios Financieros, Panamá. SBP. 2015a. “Productos y servicios que ofrecen los bancos: sistema ACH”. [https://at03.sbancos.gob.pa/portal_atencion/ult_orientacion_ps_ ach.asp]. July 2015. SBP. 2015b. “Servicio de Atencion al Cliente Bancarios”.[https://at03.sbancos.gob.pa/portal_atencion/ult_estadisticas.asp]. August 2015. SSRP (Superintendencia de Seguros y Reaseguros de Panama). 2014. “Asistencia al Asegurado: Información Estatística”. [http://superseguros.gob.pa/index.php?option=com_content&view=article&id=1072&Itemid=454&lang=es]. July 2015. SSRP. 2014. “Asistencia al Asegurado: Protección al Consumidor”. 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U.S. Department of State. 2013. “2013 Investment Climate Statement”. [http://www.state.gov/e/eb/rls/othr/ics/2013/204711.htm]. July 2015. World Databank. 2012. “FINDEX: Global Financial Inclusion Database”. World Bank. [http://databank.worldbank.org/data/reports. aspx?source=global-findex-%28global-financial-inclusion-database%29]. July 2015. World Bank. 2013. “Panama Country Data: building Credit”. Women, Business and the Law. [http://wbl.worldbank.org/data/exploreeconomies/ panama/2013#building-credit]. August 2015. World Bank. 2014a. “Doing Business 2015. Going Beyond Efficiency. Economy Profile: Panama”. Media Center for Doing Business, 29 October. [http://www.doingbusiness.org/data/exploreeconomies/panama/~/media/giawb/doing%20business/documents/profiles/country/PAN. pdf]. August 2015. World Bank. 2014b. “Getting Credit”. Doing Business”. June. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. August 2015.

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Paraguay Interviews Balsevich, Fernando. Paraguay specialist. FOMIN, Inter-American Development Bank. 16 July 2015 Rivarola, Miguel. Institutional Services Director. Fundación Paraguaya. 29 July 2015 Vera Bogado, Raúl. Executive Chairman. Banco Regional Central. 21 July 2015

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[http://www.tusalario.org/paraguay/Portada/salario/salario-minimo-1].

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Ultima Hora. 2010. “El BCP quiere duplicar capital minimo bancos y financieras”. [http://www.ultimahora.com/el-bcp-quiere-duplicar-capitalminimo-bancos-y-financieras-n367141.html]. Ultima Hora. 2012. “Conozca las entidades que mejor pagan los ahorros”. [http://www.ultimahora.com/conozca-las-entidades-que-mejorpagan-los-ahorros-n501368.html]. Vision Banco. 2011. “Red de Corresponsales No Bancarios”. [http://www.visionbanco.com/VisionBanco.aspx?Cont=357]. World Bank. 2012. “The Little Data Book on Financial Inclusion 2012”. [http://books.google.co.uk/books?id=6kCwlG_x_EMC&pg=PA118&lpg=P A118&dq=financial+inclusion+data+paraguay&source=bl&ots=XX0MoKRwOS&sig=gwDMJ92cB40FdF]. World Bank. 2014a. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. World Bank. 2014b. “New Data and Momentum for Financial Inclusion in Paraguay”. [http://blogs.worldbank.org/psd/new-data-andmomentum-financialinclusion-paraguay]. World Bank. 2015. “Inclusión financiera y equidad tributaria para beneficiar a los más pobres”. [http://www.bancomundial.org/es/news/pressrelease/2015/03/19/wbparaguay-financial-inclusion-and-tax-equity-to-benefit-the-poorest]

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Peru Interviews Naranjo, Martin. Corporate General Manager. FMBBVA entities Financiera Confianza S.A.A. 22 July 2015. Perez Ordonez, Luis. Principal. Banco de Desarollo de America Latina. September 2015. Salinas Talavera, Francisco. Development and Institutional Promotion Manager. Federación Peruana de Cajas Municipales de Ahorro y Crédito. 14 August 2015. Trivelli, Carolina. Gerente de Proyecto Dinero Electrónico. Asociación de Bancos del Perú. 23 July 2015.

References Access to Insurance Initiative. 2014. “Peru Country Diagnostic:”Encouraging access to insurance in Peru: Reshaping the insurance environment for the underserved and unserved population”. [https://a2ii.org/en/report/country-diagnostics-and-synthesis-notes-regional-latinamerica-peru/peru-country]. July 2015. Alliance for Financial Inclusion (AFI). 2014. “Peru leads the way to new approach for digital financial services to promote financial inclusion in Latin America”. 5 March. [http://www.afi-global.org/blog/2014/03/05/peru-leads-way-new-approach-digital-financial-services-promotefinancial-inclusion]. July 2015. AmericaEconomia. 2014. “Dinero electrónico en Perú es considerado ejemplo de inclusión financiero”. 18 February. [http://www. americaeconomia.com/economia-mercados/finanzas/dinero-electronico-en-peru-es-considerado-ejemplo-de-inclusion-financiera]. July 2015. Andina. 2008. “Poder Ejecutivo plantea elevar nivel de capital mínimo exigido para entidades microfinancieras”. 27 August. [http://www.andina.com.pe/agencia/noticia-poder-ejecutivo-plantea-elevar-nivel-capital-minimo-exigido-para-entidadesmicrofinancieras-191295.aspx]. July 2015. ASBANC (Asociacion de Bancos del Peru). 2015a. “Cajeros corresponsales”. [http://www.asbanc.com.pe/Paginas/Estadistica/Estadisticas. aspx?posTabActivo=1]. July 2015. ASBANC. 2015b. “Transacciones monetarias”. [http://www.asbanc.com.pe/Paginas/Estadistica/Estadisticas.aspx?posTabActivo=1]. July 2015. Asociacion de Supervisores Bancarios de las Americas. “Microscopio Global 2015 – Cuestionario de Miembros Asociados de ASBA”. September 2015. Asociación Latinoamericana de Instituciones Financieras para el Desarrollo. 2014. “La banca de desarrollo y la creación de productos para la inclusión financiera”. February. [http://www.alide.org/download/publicaciones/li14_inclusion.pdf]. July 2015. BCRP (Banco Central de Reserve del Peru). 2003. “Ley de transparencia y aceso a la infomacion publica”. [http://www.bcrp.gob.pe/ transparencia/normas-legales/ley-de-transparencia-y-acceso-a-la-informacion-publica.html]. July 2015. BCRP. 2013. “Ley 29985: Ley del dinero electronico”. [http://www.bcrp.gob.pe/transparencia/normas-legales/ley-del-dinero-electronico. html]. July 2015. BCRP. 2015. “Homepage”. [http://www.bcrp.gob.pe/]. July 2015. BBVA S.A. (Banco Bilbao Vizcaya Argentaria). 2013. “Potencial de la banca móvil en Perú como mecanismo de inclusión financiera”. [https://www.bbvaresearch.com/wp-content/uploads/migrados/WP_1324_Peru_tcm346-399485.pdf]. July 2015. Better than cash. 2015. “Toward a stronger digital financial ecosystem in Peru”. 29 September. [http://betterthancash.org/toward-a-strongerdigital-financial-ecosystem-in-peru-2/]. July 2015. Center for Financial Inclusion. 2010. “Client protection in Peru”. [http://www.centerforfinancialinclusion.org/publications-a-resources/clientprotection-library/108-summary-of-client-protection-in-peru]. July 2015. Consorcio de Organizaciones Privadas de Promoción al Desarrollo de la Pequeña y Microempresa (COPEME). 2014. “ Reporte Financiero de Instituciones de Mificronanzas”. March. [http://www.copeme.org.pe/old/images/reporte_microfinanzas/2014/reporte_copeme_imfs_ marzo2014.pdf]. July 2015. Deloitte. 2015. “Peru”. [http://www.iasplus.com/en/jurisdictions/americas/peru]. July 2015. EIU (Economist Intelligence Unit). 2015. “Country report, generated August 2015”. August 2015. Economist Intelligence Unit (EIU). 2015. “Peru, Financial Services, Banks”. [http://country.eiu.com/articleindustry.aspx?articleid=902541074 &Country=Peru&topic=Industry&subtopic=Financial%20services]. August 2015. EIU. 2015. “Country Forecast: Peru, generated August 2015”. August 2015. El Comercio. 2014. “Operaciones bancarias: se usan más agentes que ventanillas”. [http://elcomercio.pe/economia/peru/operacionesbancarias-usarios-optan-agentes-que-ventanilla-noticia-1711009]. July 2015. El Comercio. 2014. “SBS: nadie supervisa a la mitad de las cooperativas en el país”. June. [http://elcomercio.pe/economia/peru/sbs-nadiesupervisa-mitad-cooperativas-pais-noticia-1817883?ref=flujo_tags_549329&ft=nota_1&e=titulo]. September 2015. El Comercio. 2014. “Más de 240 cooperativas funcionan sin ninguna supervision”. November. [http://elcomercio.pe/politica/congreso/mas240-cooperativas-funcionan-sin-ninguna-supervision-noticia-1774116]. September 2015.

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eMarketer.com 2015. “Peru to score highest internet user growth rates in Latin America through 2017”. [http://www.emarketer.com/Article/ Peru-Score-Highest-Internet-User-Growth-Rates-Latin-America-Through-2017/1012325]. July 2015. Equifax Peru. 2015. “Mi reporte infocorp”. [https://soluciones.equifax.com.pe/e-commerce/index.htm]. July 2015. Financial Action Task Force. 2015. “Countries”. [http://www.fatf-gafi.org/countries/]. July 2015. Fondo de Seguros de Depositos. 2015. “Cobertura del seguro”. [http://www.fsd.org.pe/paginas/06-Monto-maximo.html]. July 2015. Gestion. 2014. “Nadie supervise a las cooperativas de ahorro”. 19 November. [http://gestion.pe/mercados/sbs-nadie-supervisa-cooperativasahorro-2114337]. September 2015. Gestion. 2015. “Interbank: crecimiento de cajeros corresponsales ha beneficiado el comercio”. 5 February. [http://gestion.pe/mercados/ interbank-crecimiento-cajeros-corresponsales-peru-ha-beneficiado-comercio-2122619]. July 2015. Gestion. 2015. “Modelo Peru y como funciona el dinero electronico”. 28 May. [http://gestion.pe/tu-dinero/que-modelo-peru-y-como-funcionadinero-electronico-2133177]. July 2015. Gestion. 2015. “Fenacrep: “Es falso que las cooperativas de ahorro y crédito no tengan regulación ni supervision”. 9 June. [http://gestion.pe/ mercados/fenacrep-falso-que-cooperativas-ahorro-y-credito-no-tengan-regulacion-ni-supervision-2134257]. September 2015. Gestion. 2015. “Gobierno pone en marcha Estrategia Nacional de Inclusion Financiera”. 21 July. [http://gestion.pe/economia/gobierno-ponemarcha-estrategia-nacional-inclusion-financiera-2137867]. July 2015. Gestion. January 2015. “Fepcmac recibe fondos de Better than Cash Alliance para proyecto CMAC Móvil”. [http://gestion.pe/tu-dinero/fepcmacrecibe-fondos-better-than-cash-alliance-proyecto-cmac-movil-2120267]. July 2015. Government of Peru. 2000. “Ley 27489 Que regula las centrales privadas de informacion”. [http://www.redipd.org/legislacion/common/ legislacion/peru/ley_27489.pdf]. July 2015. Government of Peru. 2008. “Ley General del Sistema Financiero y Sistema de Seguros (Ley N° 26702)”. [http://www.sbs.gob.pe/principal/ categoria/sistema-financiero/2588/c-2588]. July 2015. Government of Peru. 2010. “Ley 29571, Codigo de Proteccion y Defensa del Consumidor”. [http://www.indecopi.gob.pe/repositorioaps/0/8/ jer/legislacion_lineamientos/CodigoDProteccionyDefensaDelConsumidor(1).pdf]. July 2015. International Monetary Fund (IMF). 2015. “Peru: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Peru”. 27 May. [http://www.imf.org/external/pubs/cat/longres.aspx?sk=42956.0]. July 2015. La Ley. 2015. “Deudores judiciales morosos figurarán en central de riesgos de la SBS”. 27 January. [http://laley.pe/not/2125/-deudoresjudiciales-morosos-figuraran-en-central-de-riesgos-de-la-sbs/]. July 2015. Microinsurance Centre. 2014. “The Landscape of Microinsurance in Latin America and the Caribbean - 2014, Briefing Note”. [http://www. munichre-foundation.org/home/Microinsurance/MicroinsuranceLandscape/2014_Landscape_Microinsurance_LAC.html]. July 2015. Microinsurance Centre. 2013. “The Landscape of Microinsurance in Latin America and the Caribbean”. [http://www.fomin-events.com/ foromic/2013/_upload/panelistas/36_3Njy5.pdf]. July 2015. MIDIS (Ministerio de Desarollo e Inclusion Social). 2013. “Desarrollo de capacidades financieras en el enfoque del Ministerio de Desarrollo e Inclusion Financiera (MIDIS)”. [https://www.poverty-action.org/sites/default/files/trivelli_presentacion_midis_capacidad_financiera_ peru_010613.pdf]. July 2015. MIDIS. 2014. “Se creo la comision multisectorial de inclusion financiera”. [http://www.midis.gob.pe/index.php/es/centro-deinformacion/838-se-creo-la-comision-multisectorial-de-inclusion-financiera]. July 2015. Portal Microfinanzas. 2013. “El marco regulatorio del dinero electrónico en el Perú y la inclusión financiera”. [http://www.microfinancegateway. org/es/library/el-marco-regulatorio-del-dinero-electr%C3%B3nico-en-el-per%C3%BA-y-la-inclusi%C3%B3n-financiera]. July 2015. Rodriguez, Maritza, and Damian Von Stauffenberg. 2012. “Public credit registries, credit bureaus and the microfinance sector in Latin America”. August. [http://www.calmeadow.com/pdf/Credit%20Bureaus%20in%20Latin%20America%20Final%20-%20English.pdf]. July 2015. Sentinel. 2015. “Consulta gratis”. [http://misentinel.sentinelperu.com/misentinel/misentinel.aspx]. July 2015. SBS (Superintendecia de Banca, Seguros y AFP). 2007. “Resolucion 215-2007”. [http://www.sbs.gob.pe/principal/categoria/normassbs/105/c-105]. July 2015. SBS. 2008. “Resolucion 775-2008”. [http://www.sbs.gob.pe/principal/categoria/normas-sbs/105/c-105]. July 2015. SBS. 2009. “Resolucion 14283-2009”. [http://www.sbs.gob.pe/principal/categoria/normas-sbs/105/c-105]. July 2015. SBS. 2010. “Resolucion 2996-2010”. [http://www.sbs.gob.pe/principal/categoria/normas-sbs/105/c-105]. July 2015. SBS. 2013. “Resolucion 6285-2013”. [http://www.sbs.gob.pe/principal/categoria/normas-sbs/105/c-105]. July 2015. SBS. 2014a. “Reporte de indicadores de Inclusion Financiera”. [http://www.sbs.gob.pe/app/stats/EstadisticaBoletinEstadistico.asp?p=49#]. July 2015. SBS. 2014b. “Centrales de riesgo”. [http://www.sbs.gob.pe/repositorioaps/0/3/jer/aprendiendo_historietas/SBS_CentralRiesgos_Marcos. pdf]. July 2015. SBS. 2014c. “La morosidad de la cartera de créditos a la microempresa de las Cajas Rurales de Ahorro y Crédito y su relación con la competencia”. [http://www.sbs.gob.pe/repositorioaps/0/0/jer/ddt_ano2014/20140902_SBS-DT-001-2014_JTalledo.pdf]. July 2015. SBS. 2015a. “Official letter no. 23853-2015-SBS”. July 2015. SBS. 2015b “Estudios sobre inclusion financiera”. [http://www.sbs.gob.pe/principal/categoria/estudios-sobre-inclusionfinanciera/2652/c-2652]. July 2015.

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SBS. 2015c. “Mapa de oportunidades de inclusion financiera”. [http://mapainclusion.sbs.gob.pe/GeoSBS/]. July 2015. SBS. 2015d. “Reporte de central de riesgos”. [http://www.sbs.gob.pe/usuarios/categoria/reporte-de-central-de-riesgos/1293/c-1293]. July 2015. SBS. 2015e. “Reclamos en las empresas supervisadas”. [http://www.sbs.gob.pe/usuarios/categoria/reclamos-en-las-empresassupervisadas/1375/c-1375 ]. July 2015. SBS. 2015f. “Costo y rendimiento de productos financieros”. [http://www.sbs.gob.pe/app/retasas/paginas/retasasInicio.aspx?p=C#]. July 2015. SBS. 2015g. “Comparativos de productos del sistema financiero y de seguros”. [http://www.sbs.gob.pe/usuarios/categoria/comparativos-deproductos-del-sistema-financiero-y-de-seguros/2621/c-2621]. July 2015. SBS. 2015h. “Guia para el usuario del sistema financiero”. [http://www.sbs.gob.pe/usuarios/categoria/guia-para-el-usuario-del-sistemafinanciero/1608/c-1608]. July 2015. SBS. 2015i. “Sistema financiero”. [http://www.sbs.gob.pe/principal/categoria/sistema-financiero/148/c-148]. July 2015. SBS. 2015j. “Evolucon del sistema financiero”. [http://www.sbs.gob.pe/app/stats/EstadisticaBoletinEstadistico.asp?p=13#]. July 2015. SBS. 2015k. “Tasas de interes promedio del sistema bancario”. [http://www.sbs.gob.pe/app/stats/tasadiaria_6a.asp]. July 2015. SBS. 2015l. “Cooperativas supervisadas por la FENACREP”. [http://www.sbs.gob.pe/0/modulos/JER/JER_Interna. aspx?ARE=0&PFL=0&JER=2139]. July 2015. US Department of State. May 2015. “Investment climate statement: Peru”. [http://www.state.gov/e/eb/rls/othr/ics/2015/241704.htm]. July 2015. World Bank. 2013. “Diagnostic review of consumer protection and financial literacy”. 1 November. [http://documents.worldbank.org/curated/ en/2013/11/18928090/peru-diagnostic-review-consumer-protection-financial-literacy]. July 2015. World Bank. 2013. “World Bank Development Indicators, Commercial bank branches (per 100,000 adults)”. [http://data.worldbank.org/ indicator/FB.CBK.BRCH.P5]. July 2015. World Bank. 2015. “Peru pone en marcha Estrategia Nacional para ampliar la inclusion financiera”. 5 August. [http://www.bancomundial.org/ es/news/feature/2015/08/05/peru-launches-national-financial-inclusion-strategy-to-expand-financial-inclusion]. July 2015. World Bank. 2015. “Doing business in Peru”. [http://www.doingbusiness.org/data/exploreeconomies/peru/#getting-credit]. July 2015.

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Philippines Interviews Garchitorena, Jaime. President and Chief Executive Officer. Credit Information Corporation (CIC). 8 September 2015. Roman-Tayag, Pia Bernadette. Head, Inclusive Finance Advocacy Staff. Bangko Sentral ng Pilipinas. 20 July 2015.

References AFI (Alliance for Financial Inclusion). 2015. “What’s in it for us?: Benefits of making public commitments to financial inclusion”. 4 February. [http://blogs.afi-global.org/2015/02/04/whats-in-it-for-us-benefits-of-making-public-commitments-to-financial-inclusion/]. AFI. “Maya Declaration – Commitment made by the Bangko Sentral ng Pilipinas (BSP)”. [http://www.afi-global.org/sites/default/files/ publications/MD_Bangko%20Sentral%20ng%20Pilipinas.pdf]. Asian Development Bank (ADB). 2013. “Assessment of Microinsurance as Emerging Microfinance Service for the Poor: The Case of the Philippines”. [http://adb.org/sites/default/files/pub/2013/assessment-microinsurance-service-for-poor.pdf]. Asian Resource Centre for Microfinance (ARCM). “Philippine Country Profile”. [http://www.bwtp.org/arcm/Philippines/I_Country_Profile/ philippines_country_profile.html#Regulations%20and%20Government%20Initiatives]. Aznar, Mia. 2015. “Impressive Protection”. Sun Star Cebu, 17 April. [http://www.sunstar.com.ph/cebu/business/2015/04/17/%E2%80%98imp ressive%E2%80%99-protection-403052]. BSP (Bangko Sentral ng Pilipinas). “Consumer Assistance Mechanism”. [http://www.bsp.gov.ph/about/advocacies_fin_cam.asp]. BSP. “Overview of Financial Inclusion Initiatives of the BSP”. [http://www.bsp.gov.ph/downloads/PPT/FI_Overview.pdf]. BSP. Manual of Regulations for Non-Bank Financial Institutions. [http://www.bsp.gov.ph/downloads/regulations/morb/mornbfi_4_of_5.pdf] BSP. “Guidelines on the Establishment of Banks/ Branches”. [http://www.bsp.gov.ph/downloads/Regulations/guidelines/guidelines%20 for%20banks.pdf]. BSP. “Risk-Based Capital Adequacy Framework in the Philippines”. [http://www.bsp.gov.ph/regulations/implementation.asp]. BSP. 2000. “Circular 268 – Outsourcing Certain Banking Functions”. 5 December. [http://www.bsp.gov.ph/regulations/regulations. asp?type=1&id=542] BSP. 2001. “Circular No. 272”. 30 January. [http://www.bsp.gov.ph/regulations/regulations.asp?id=778]. BSP. 2003. “Circular No. 409”. 14 October. [http://www.bsp.gov.ph/regulations/regulations.asp?id=240]. BSP. 2005a. “Circular No. 471”. 24 January. [http://www.bsp.gov.ph/regulations/regulations.asp?type=1&id=116]. BSP. 2005b. “Circular No. 505: Branching Policy and Guidelines”. 22 December. [http://www.bsp.gov.ph/regulations/regulations.asp?id=615]. BSP. 2008a. “Circular No. 607: Reportorial Requirements on Microfinance Loans of Banks”. 30 April. [http://www.bsp.gov.ph/regulations/ regulations.asp?id=2050]. BSP. 2008b. “Circular No. 608”. 20 May. [http://www.bsp.gov.ph/regulations/regulations.asp?id=2059]. BSP. 2009. “Circular No. 649”. 26 February. [http://www.bsp.gov.ph/downloads/Regulations/attachments/2009/c649.pdf]. BSP. 2010a. “Circular No. 683”. 23 February. [http://www.bsp.gov.ph/regulations/regulations.asp?type=1&id=2513]. BSP. 2010b. “Circular No. 694”. 30 September. [http://www.bu.edu/bucflp/files/2012/01/Circular-No.-694-amendment-of-regulations-onthe-establishment-of-other-banking-offices-and-notes-to-microfinance.pdf]. BSP. 2010c. “Circular No. 696: Minimum Capital Requirement for Rural Banks”. 29 October. [http://www.bsp.gov.ph/regulations/regulations. asp?type=1&id=2625]. BSP. 2011. “Circular No. 706”. [http://www.bsp.gov.ph/downloads/regulations/attachments/2011/c706.pdf]. BSP. 2012a. “Circular No. 755”. [http://www.bsp.gov.ph/downloads/regulations/attachments/2012/c755.pdf]. BSP. 2012b. “Circular No. 765”. 19 July. [http://www.bsp.gov.ph/downloads/regulations/attachments/2012/c765.pdf]. BSP. 2012c. Manual of Regulations for Banks. Volume I. [http://www.bsp.gov.ph/downloads/Regulations/MORB/MORB1.pdf]. BSP. 2013a. “Circular No. 792”. 7 February. [http://www.bsp.gov.ph/downloads/regulations/attachments/2013/c792_correct.pdf]. BSP. 2013b. “Circular No. 796”. 3 May. [http://www.bsp.gov.ph/regulations/regulations.asp?type=1&id=3119]. BSP. 2013c. “Financial Inclusion in the Philippines”. Issue No. 4. [http://www.bsp.gov.ph/downloads/Publications/2013/FIP_4Qtr2013.pdf] BSP. 2013d. The State of Financial Inclusion in the Philippines 2013. [http://www.bsp.gov.ph/downloads/Publications/2013/Financial%20 Inclusion.pdf] BSP. 2014a. “Circular No. 857”. 30 April. [http://www.bsp.gov.ph/downloads/regulations/attachments/2014/c857.pdf]. BSP. 2014b. “Financial Inclusion Initiatives 2014”. [http://www.bsp.gov.ph/downloads/Publications/2014/microfinance_2014.pdf].

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[http://www.gpfi.org/sites/default/files/documents/Philippines%20Engagement%20with%20Standard%20 Setting%20Bodies%20and%20Implications%20for%20Financial%20Inclusion.pdf]. Insurance Commission. “National Strategy on Microinsurance”. [http://www.insurance.gov.ph/_@dmin/upload/micro/microframe.pdf]. IMF (International Monetary Fund). 2015. “Statement at the Conclusion of the 2015 Article IV Consultation Mission to the Philippines”. 26 May. [http://www.imf.org/external/np/sec/pr/2015/pr15238.htm]. Martin, Kathleen. 2014. “Banks give a year to adjust systems”. The Philippine Star, 26 November. [http://www.philstar.com:8080/ business/2014/11/26/1395817/banks-given-year-adjust-systems]. Martin, Kathleen. 2015. “BSP to hasten financial inclusion efforts”. The Philippine Star, 12 January. [http://www.philstar.com/ business/2015/01/12/1411867/bsp-hasten-financial-inclusion-efforts]. Microfinance Africa. 2014. “Philippines: BSP revises guidelines, mandates of banks’ microfinance operations”. 15 June. [http://microfinanceafrica.net/microfinance-around-the-world/philippines-bsp-revises-guidelines-mandates-of-banks-microfinanceoperations/]. Microinsurance Network. 2014. “’Pure’ Intensions and Practice: Challenges and Good Practices in Consumer Protection in Microinsurance”. [http://www.microinsurancenetwork.org/sites/default/files/Buch_13118_MIN_EN_web.pdf]. National Economic and Development Authority. 2011. “Philippine Development Plan 2011-2016”. [http://www.neda.gov.ph/wp-content/ uploads/2013/10/pdprm2011-2016.pdf]. National Credit Council and the National Anti-Poverty Commission. 2007. “Microfinance Consumer Protection Guidebook”. Boston University Center for Finance, Law, & Policy. [http://www.bu.edu/bucflp/files/2012/01/Microfinance-Consumer-Protection-Guidebook.pdf]. National Credit Council Secretariat. “Regulatory Framework for Microinsurance”. Department of Finance. [http://www.microinsurancenetwork. org/sites/default/files/Regulatory_Framework_for_Microinsurance-.pdf]. Philippine Deposit Insurance Company. Website. [http://www.pdic.gov.ph/index.php?nid1=6&nid2=1&nid3=6]. Republic of the Philippines. 2008. “Republic Act 9510”. 28 July. [http://www.senate.gov.ph/republic_acts/ra%209510.pdf]. Republic of the Philippines. 2011a. “Regulation and Supervision of Innovative Models for Financial Inclusion- The Philippine Experience”. December. [http://www.senate.gov.ph/publications/PB%202011-12%20-%20Strengthening%20Banking%20Regulation.pdf]. Republic of the Philippines. 2011b. “Policy Brief: Strengthening Banking Regulation – Amending the BSP Charter”. December. [http://www.senate.gov.ph/publications/PB%202011-12%20-%20Strengthening%20Banking%20Regulation.pdf].

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Rivera, Danessa. 2014. “PHL banking system held sole positive outlook among 70 countries—Moody’s”. [http://www.gmanetwork.com/news/ story/389198/economy/moneyandbanking/phl-banking-system-held-sole-positive-outlook-among-70-countries-moody-s]. Symbiotics. 2013. “A closer look at the Microfinance market in the Philippines”. 26 February. [http://www.symbioticsgroup.com/media/58510/ corp%20news%2026%2002%202013_market%20focus_philippines_final.pdf]. Torres, Ted. 2015. “More firms undertake data format revision for credit bureau”. The Philippine Star, 22 June. [http://www.philstar.com/ business/2015/06/22/1468438/more-firms-undertake-data-format-revision-credit-bureau]. World Bank. 2013. “Bank and Regulation Supervisory Survey”. [http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTGLOBALFINREPORT/ 0,,contentMDK:23267421~pagePK:64168182~piPK:64168060~theSitePK:8816097,00.html]. World Bank. 2014a. “Global Findex Database”. [http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/04/15/0 90224b082dca3aa/1_0/Rendered/PDF/The0Global0Fin0ion0around0the0world.pdf#page=3]. World Bank. 2014b. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. World Bank. 2014c. “Republic of the Philippines. Diagnostic Review of Consumer Protection in the Banking Sector. Volume 1. Key Findings and Recommendations”. November. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/ Philippines-CP-DiagReview-Banking-Volume-I-FINAL.pdf].

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Russia Interviews Behrndt, Rolf. Regional Business Line Manager. Access to Finance Advisory Services. International Finance Corporation. 28 August 2015. Dostov, Victor. President. Russian Electronic Money Association. 20 August 2015. Imaeva, Guzelia. Chief Executive Officer. National Agency for Financial Studies. 19 August 2015.

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Kelly, Lidia. 2015. “Russian banks have enough capital to weather severe shocks - cenbank”. Reuters, 20 May. [http://uk.reuters.com/ article/2015/05/20/russia-economy-banks-stresstest-idUKL5N0YB54M20150520]. Kelly, Lidia and O. Kobzeva. 2014. “Putin stands by hawkish Russian central bank - for now”. Reuters, 23 November. [http://www.reuters.com/ article/2014/11/23/us-russia-cenbank-independence-idUSKCN0J705520141123]. Kostin, Andrey. 2013. “Kostin on Basel III: stricter regulation can create “new risks”“. Financial Times, 31 January. [http://blogs.ft.com/ beyond-brics/2013/01/31/kostin-on-basel-iii-stricter-regulation-can-create-new-risks/]. Lyman, Timothy, S. Staschen, and O. Tomilova. 2013. “CGAP Landscaping Report: Financial Inclusion in Russia”. [http://www.cgap.org/sites/ default/files/Russia%20Landscaping%20Report_0.pdf]. M3 Media. 2012. “Russia has the prerequisites for microinsurance!”. 12 April. [http://www.m3m.ru/comments/875.htm]. Maksimova, Marina. 2013. “Foreign banks banned from opening branches in Russia”. Russia Beyond the Headlines, 19 March. [http://in.rbth.com/economics/2013/03/19/foreign_banks_banned_from_opening_branches_in_russia_23049.html]. Ministry of Finance. 2013. “Strategy for development of insurance activity in the Russian Federation up to 2020”. [http://minfin.ru/common/ img/uploaded/library/2013/08/Rasporyazhenie_Pravietlstva_RF_ot_22.07.2013_№_1293-r.pdf]. Moscow Times. 2013. “Central Bank to Cap Rates on Consumer Loans and Microfinance”. 29 October. [http://www.themoscowtimes.com/ business/article/central-bank-to-cap-rates-on-consumer-loans-and-microfinance/488602.html]. National Partmership of Microfinance Market Stakeholders. 2012. “Conception of increasing access to different financial services and development of microfinance in the Russian Federation for the period 2012-2016”. 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[http://www.bu.edu/bucflp/files/2012/01/Federal-Law-No.-86-FZ-of-2002-on-the-Central-Bank-of-the-Russian-Federation.pdf]. Russian Federation. 2003. “Federal Law No. 177-FZ on Insurance of Deposits of Physical Persons in Banks of the Russian Federation”. 23 December. Russian Federation. 2004. “Federal Law No. 218-FZ on Credit Histories”. 30 December. [http://www.bkiokb.com/ftproot/files/218_fz_eng.pdf]. Russian Federation. 2006. “Federal Law No. 38-FZ on Advertising”. 22 February. [http://www.tobaccocontrollaws.org/files/live/Russia/ Russia%20-%20Law%20No.%2038-FZ.pdf]. Russian Federation. 2009a. “Federal Law No. 103-FZ on the Activity of Receiving Payments from Natural Persons by Payment Agents”. 3 June. [http://www.bu.edu/bucflp/files/2012/01/Federal-Law-No.-103-FZ-of-2009-on-Receiving-Payments-from-Natural-Persons-Pursued-byPayment-Agents.pdf]. Russian Federation. 2009b. “Federal Law No. 190-FZ on Credit Cooperation”. 18 July. Russian Federation. 2010. “Federal Law No. 151-FZ on Microfinance Activity and Microfinance Organizations”. 7 July. [http://www.bu.edu/ bucflp/files/2012/01/Federal-Law-No.-151-FZ-of-2010-on-Microfinance-and-Microfinance-Organisations-English.pdf]. Russian Federation. 2011. “Federal Law No. 161-FZ on the National Payment System”. 27 June. [http://www.cbr.ru/eng/analytics/federal_ law_161fz.pdf]. Russian Soviet Federative Socialist Republic. 1990. Federal Law No. 395-1: On Banks and Banking Activities. 2 December. [http://www.bu.edu/bucflp/files/2012/01/Federal-Law-No.-395-I-of-1990-on-Banks-and-Banking-Activities.pdf]. World Bank. 2011. “Report No: ISR7301: Implementation Status & Results Russian Federation Financial Education and Financial Literacy (P120338)”. [http://bit.ly/Q2W78g]. World Bank. 2013a. “Global Financial Development Report: Bank Regulation and Supervision Survey”. 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Rwanda Interviews Berg, Gunhild. Financial Sector Specialist. World Bank. 26 August 2015. Kavugizo, Kevin. Director of Microfinance Supervision. National Bank of Rwanda. 7 August 2015. Murenzi, Ivan. Financial Inclusion Specialist. Access to Finance Rwanda. 12 August 2015.

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[http://www.newtimes.co.rw/news/index. php?i=15395&a=67996]. Gasore, Ben. 2014. “MFIs, Umurenge SACCOs encouraged to embrace e-payment systems”. The New Times, October 20. [http://www.newtimes. co.rw/section/article/2014-10-20/182102/]. Global Partnership for Financial Inclusion. 2014. “2014 Financial Inclusion Action Plan”. World Bank. [http://www.g20australia.org/sites/ default/files/g20_resources/library/6%202014%20Financial%20Inclusion%20Action%20Plan.pdf]. Global Partnership for Financial Inclusion. 2015. “G20 Financial Inclusion Indicators: Rwanda”. World Bank. [http://datatopics.worldbank.org/ g20fidata/country/Rwanda]. GSM Association (GSMA). 2015. “State of the Industry 2014: Mobile Financial Services for the Unbanked”. March 2. [http://www.gsma.com/ mobilefordevelopment/state-of-the-industry-2014]. Guislain, Pierre. 2012. Foreign Investment Advisory Service (FIAS): the facility for investment climate advisory services: Fiscal Year 2012 annual review”. World Bank, 01 January. 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[http://www.un.org/esa/socdev/egms/docs/2009/cooperatives/Kantengwa.pdf]. Kavugizo, Kevin. 2015. “Rwanda’s Financial Inclusion Success Story: Umurenge SACCO program in Rwanda”. Paper presented at the Finance for All: Promoting financial inclusion in Central Africa Conference, 23 March. [https://www.imf.org/external/np/seminars/eng/2015/ brazzaville/pdf/NBRENG.pdf]. Mbaraga, Robert. 2014. “Rwanda to set up institution to protect consumer rights”. The East African, 1 November. [http://www.theeastafrican. co.ke/Rwanda/News/Rwanda-to-set-up-institution-to-protect-consumers--rights/-/1433218/2507272/-/14srfj0z/-/index.html]. Ministry of Finance and Economic Planning (MINECOFIN). 2012. “Rwanda: Financial Sector Development Program II”. [http://www.minecofin. gov.rw/fileadmin/templates/documents/Rwanda_Financial_Sector_development_program_II.pdf] MINECOFIN (Ministry of Finance and Economic Planning). 2013a. “Launch of FSDP2 to focus on financial literacy”. December. [http://minecofin. guv.rw/ministry2/index.php?id=119&tx_ttnews%5Btt_news%5D=140&cHash=1c44867c801c3094d84ce36481ac85a1] MINECOFIN. 2013b. “Final Report: Rwanda Financial Sector Strategy 2013-2018”. Financial Sector Development Secretariat, June. [http://www.minecofin.gov.rw/fileadmin/templates/documents/sector_strategic_plan/Financial_Sector_Strategic_Plan_June2013.pdf]. MINECOFIN. 2013c. “National Microfinance Policy Implementation Strategy 2013-2017”. August. [http://www.minecofin.gov.rw/fileadmin/ templates/documents/National_Microfinance_Policy_Implementation_Strategy.pdf] Ministry of Trade and Industry. 2010. “Rwanda Competition and Consumer Protection Policy”. September. [http://www.minicom.gov.rw/ fileadmin/minicom_publications/law_and_regurations/CompetitionPolicy_September_2010.pdf].

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Murtua, Charles. 2008. “Microinsurance in Eastern Africa – Rapid Survey of Microinsurance Providers in Kenya, Uganda, Tanzania, and Rwanda”. Microinsurance Center. [http://www.microinsurancecentre.org/resources/documents/unknown/microinsurance-in-eastern-africa-asynthesis-report-on-rapid-survey-of-microinsurance-providers-in-kenya-uganda-tanzania-and-rwanda.html]. National Institute of Statistics of Rwanda. 2013. “National Strategy for the Development of Statistics. 2014/15-2018/19”. November. [http://www.statistics.gov.rw/publications/second-national-strategy-development-statistics-2014-2018]. Rendek, Kelly. 2014. “The Landscape of Insurance in Rwanda”. The World Bank/FIRST Initiative. September. [http://www.afr.rw/documents/ Partners_reports/The%20Landscape%20of%20Insurance%20in%20Rwanda%20%20-%20November%202014%202.pdf]. Smart Campaign. 2014. “Rwanda”. [http://smartcampaign.org/tools-a-resources/698]. Tumwebaze, Peterson. 2015. “How creation of competition inspectorate authority will check bad trade practices”. The New Times, 31 March. [http://www.newtimes.co.rw/section/article/2015-03-31/187410/]. United Nations Statistics Division. 2014. “Rwanda”. 20 October. [https://data.un.org/CountryProfile.aspx?crName=RWANDA]. August 2015. World Bank. 2013a. “Diagnostic Review of Consumer Protection and Financial Literacy, Volume I: Key Findings and Recommendations”. November. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/Rwanda-CPFL-DiagReviewVolume-I.pdf]. World Bank. 2013b. “Diagnostic Review of Consumer Protection and Financial Literacy, Volume II: Technical Annex – Comparison with Good Practices”. November. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/Rwanda-CPFLDiagReview-Volume-II]. World Bank. 2014a. “Country Partnership Strategy for Rwanda FY2014-2018”. June. [http://www-wds.worldbank.org/external/default/ WDSContentServer/WDSP/IB/2014/06/25/000333037_20140625113757/Rendered/PDF/889410CAS0P1300wanda0CPS000Volume02. pdf]. World Bank. 2014b. “Country and Policy Institutional Assessment 2014”. Country Policy and Institutional Assessment (CPIA) Africa Report. [http://datatopics.worldbank.org/cpia/country/rwanda]. World Bank. 2014c. “World Bank Group to Step-Up Its Support to Rwanda’s Financial Inclusion Goals”. 18 July. [http://www.worldbank.org/en/ news/press-release/2014/07/18/world-bank-group-to-step-up-its-support-to-rwanda-financial-inclusion-goals]. World Bank. 2015a. “Ease of Doing Business in Rwanda: Getting Credit”. Doing Business 2016. [http://www.doingbusiness.org/data/ exploreeconomies/rwanda#getting-credit]. World Bank. 2015b. “Commercial Bank Branches (per 100,000 adults)”. World Development Indicators. [http://data.worldbank.org/indicator/ FB.CBK.BRCH.P5]. August 2015. World Bank. 2015c. “Rwanda: Automated Teller Machines (ATMs) (per 100,000 adults)”. World Development Indicators. [http://data.worldbank. org/indicator/FB.ATM.TOTL.P5]. August 2015. World Bank. 2015d. “CPIA: Assessing Africa’s Policies & Institutions”. June 2015. [http://www-wds.worldbank.org/external/default/ WDSContentServer/WDSP/IB/2015/07/15/090224b082ffaf9e/1_0/Rendered/PDF/Country0Policy00Djibouti0and0Yemen0.pdf].

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Senegal Interviews Charrier, Lucie. Independent Consultant in Microfinance and Financial Inclusion in Africa and Latin American region. 28 August 2015. Crenn, Tiphaine. Operations Officer. International Finance Corporation (IFC). 15 September 2015. Wessling, Ann. Financial Inclusion Consultant. 19 August 2015.

References Alliance for Financial Inclusion (AFI). 2012. “Maya Declaration: Commitment made by Ministère de l’Economie et des finances du Sénégal”. 18 April. [http://www.afi-global.org/library/publications/maya-declaration-commitment-made-minist-re-de-leconomie-et-des-finances-dus-n]. August 2015. Avis & Communiqués. 2015. “Taux d’intérêt légal pour l’année 2015 – Sénégal”. 28 January. [http://ordredesavocats.sn/taux-dinteret-legalpour-lannee-2015-senegal/]. August 2015. Brouwers, Dominique, Djibril Mbengue, Laurent Lhériau, and Mansour Ndiaye. 2011. “Etude Diagnostique: Protection des consommateurs de services de microfinance au Sénégal”. Ministère des Finances. [http://www.microfinancegateway.org/sites/default/files/mfg-fr-etudes-decas-protection-consommateurs-microfinance-au-senegal-10-2011.pdf]. August 2015. Banking Company of West Africa. 2015. “Conditions d’ouverture de Compte Particuliers”. [https://www.cbao.sn/index.php?option=com_conten t&view=article&id=10&Itemid=14]. August 2015. BCEAO (Banque central des etats de l’Afrique de l’Ouest). 1998. “Instructions relatives aux normes d’etablissement des etats financiers et de determination des ratios prudentiels applicables aux systemes financiers decentralizes”. Département des Etudes Economiques et de la monnaie, Direction du Crédit. [http://www.bu.edu/bucflp/files/2012/01/BCEAO-Instructions-on-Financial-Reporting-and-PrudentialRatios-for-PARMEC-Institutions.pdf]. August 2015. BCEAO. 2006. “Instruction No. 01/2006/SP DU 31 Juil 2006 Relative a l’Emission de Monnaie Electronique et aux Etablissements de Monnaie Electronique”. [http://www.bceao.int/IMG/pdf/INSTRUCTION_N_o_01_-_2006_-_SP_DU_31_JUILLET_2006.pdf]. August 2015. BCEAO. 2007. “NOTE D’INFORMATION 3e trimestre 2007 N° 11”. [http://www.bceao.int/IMG/pdf/Note_trimestrielle_d_information_-_ Septembre_2007.pdf]. August 2015. BCEAO. 2010. “Instruction BCEAO N° 017-12-2010 relative l’organisation du contrôle interne au sein des SFD, Annexe : Organisation du contrôle interne au sein des SFD, II. Contenu du contrôle. 2.4. Gouvernement d’entreprise”. BCEAO. 2011. “Recueil des textes legaux et reglementaires regissant les systemes financiers decentralises de l’UMOA”. [http://www.bceao.int/ IMG/pdf/recueil-des-textes-legaux-et-reglementaires-regissant-les-sfd-de-lumoa.pdf]. August 2015. BCEAO. 2013. “Loi uniforme portant reglementation des bureaux d’information sur le credit dans les etats membres de L’Union Monetaire Ouest Africaine (UMOA)”. [http://www.bceao.int/IMG/pdf/loi_uniforme_reglementation_bic_francais.pdf]. August 2015. BCEAO. 2014a. “Conditions créditrices Appliques par les etablissements de credit de l’UMOA a leur clientele au 30 Juin 2014”. [http://www.bceao.int/IMG/pdf/conditions_creditrices-2.pdf]. August 2015. BCEAO. 2014b. “Instruction n° 004 _ 06 _2014 relative aux services bancaire”. [http://www.bceao.int/IMG/pdf/instruction_004-06-2014_ services_bancaires_offerts_a_titre_gratuit_par_les_ets_de_credits.pdf]. August 2015. BCEAO. 2014c. “Statuts du fonds de garantie des depots dans l’Union Monetaire Ouest Africaine (umoa)”. [http://www.bceao.int/IMG/pdf/ statuts_du_fonds_de_garantie_des_depots_dans_l_umoa.pdf]. August 2015. BCEAO. 2015. “Instruction n°008-05-2015 régissant les conditions et modalités d’exercice des activités des émetteurs de monnaie électronique dans les Etats membres de l’Union Monétaire Ouest Africaine (UMOA)”. [http://www.bceao.int/IMG/pdf/instruction_no008-05-2015. vf.pdf&usg=ALkJrhjAi2Bai0r-3MGGtZeco_GJN5qMig]. August 2015. Cash Learning Partnership. 2013. “Cash Preparedness in Senegal: Cash transfer Mechanism”. [http://bit.ly/1paSPSS]. August 2015. CGAP (Consultative Group to Assist the Poor). 2011a. “Consumer Protection? Ask the Consumer”. [http://www.cgap.org/blog/consumerprotection-ask-consumer]. August 2015. CGAP. 2011b. “Technology Program Country Note: West African Economic and Monetary Union (WAEMU) and Union Economique et Monétaire Ouest-Africaine (UEMOA)”. [http://www.cgap.org/sites/default/files/CGAP-Technology-Program-Country-Note-West-African-Economicand-Monetary-Union-Jun-2011.pdf]. August 2015. Ecobank. 2015. “Formulaire d’ouverture de compte”. [http://www.ecobank.com/accountForms/0195_GRP_AccOpen_Pers_A4_FR.pdf]. August 2015. Holmes, Elizabeth and Jules Ndamba. 2011. “Diagnostic sur la protection des consommateurs des services de microfinance au Sénégal: Enquête auprès des clients”. [http://www.microfinance.sn/docs/Enquete_protection_clients_Senegal.pdf]. August 2015. Imam, Patrick and Christina Kolerus. 2013. “Senegal: Financial Depth and Macrostability”. IMF (International Monetary Fund). [https://www.imf.org/external/pubs/ft/dp/2013/afr1305.pdf].

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International Center for Non-profit Law. 2015. “NGO Law Monitor: Senegal”. [http://www.icnl.org/research/monitor/Senegal.html]. August 2015. IMF (International Monetary Fund). 2005. “Senegal: Financial System Stability Assessment Update”. [https://www.imf.org/external/pubs/ft/ scr/2005/cr05126.pdf]. August 2015. IMF. 2014. “Seventh review under the policy support instrument and request for modification of assessment criteria— Staff Report; and Press Release”. July. [http://www.imf.org/external/pubs/ft/scr/2014/cr14177.pdf]. August 2015. Issoufou, Salifou and Kireyev, Alexei. 2015. “IMF Extends Support for Senegal’s Plan to Be Emerging Economy”. IMF (International Monetary Fund). [http://www.imf.org/external/pubs/ft/survey/so/2015/car062415a.htm]. August 2015. Le Conseil des Ministres de l’Union Economique et Monétaire Ouest Africaine (UEMOA). 1998. “Reglement n° 15/2002/cm/uemoa relatif aux systemes de paiement dans les etats membres de l’UEMOA”. 20 December. [http://www.bceao.int/IMG/pdf/Reglement_n_15_2002_CM_ UEMOA_relatif_aux_systemes_de_paiement_dans_les_Etats_membres_de_l_UEMOA.pdf]. August 2015. MFW4A (Making Finance for Work Africa). 2014. “Interest rate cap: WAEMU’s MFIs are concerned about repercussions on access to finance”. 12 March. [http://www.mfw4a.org/news/news-details/select_category/59/article//interest-rate-cap-waemus-mfis-are-concerned-aboutrepercussions-on-access-to-finance.html]. August 2015. MFW4A. 2015. “WAEMU welcomes first credit bureaus”. [http://www.mfw4a.org/news/news-details/article/46/waemu-welcomes-first-creditbureaus.html]. August 2015. Mbodj, Adama. 2014. “Taux d’intérêt jugés prohibitifs : Les clients des banques crient leur désarroi”. May, Xalima Senegal. [http://xalimasn.com/taux-dinteret-juges-prohibitifs-les-clients-des-banques-crient-leur-desarroi/]. August 2015. MicroFinance Transparency. 2011. “Transparent Pricing in West Africa”. [http://www.mftransparency.org/microfinance-pricing/west-africa/]. August 2015. Microfinance Gateway. 2014. “Deposit Insurance at the Base of the Pyramid: Pioneering a Regional Approach in the West Africa Economic and Monetary Union”. [http://www.microfinancegateway.org/library/deposit-insurance-base-pyramid-pioneering-regional-approach-westafrica-economic-and]. August 2015. MEF (Ministère de l’Economie et des finances). 2011. “Plan d’assainissement du secteur de la microfinance”. [http://drs-sfd.gouv.sn/sitedrs/ documents/Publications/PLAN_D_ASSAINISSEMENT_MICROFINANCE_SENEGAL_2011.pdf]. August 2015. MEF. 2012. “Rapport de l’enquête sur la situation de référence des systèmes financiers décentralisés et de la cartographie”. [http://drs-sfd.gouv. sn/sitedrs/documents/Publications/Rapport_Enquête_situation_de_reference.pdf]. August 2015. MEF. 2014a. “Rapport annuel 2014”. [http://drs-sfd.gouv.sn/sitedrs/documents/Publications/Rapport_annuel_2014.pdf]. August 2015. MEF. 2014b. “Plan Sénégal Emergent”. [http://www.finances.gouv.sn/en/index.php/grands-dossiers/plan-Senegal-emergent]. August 2015. MEF. 2015a. “Programme triennal d’investissements publics sur la période 2015-2017”. [http://www.finances.gouv.sn/images/yootheme/ demo/PTIP%202015-2017.pdf]. August 2015. MEF. 2015b. “Missions”. [http://drs-sfd.gouv.sn/sitedrs/pages/organisation.php]. August 2015. MEF. 2015c. “Situation de Systèmes Financiers Décentralisés (SFD) – Trimestre 1”. [http://drs-sfd.gouv.sn/sitedrs/documents/Publications/ Situation_T1_2015.pdf]. August 2015. OQSF (Observatoire de la Qualite des Services Financiers). 2009. “Décret 2009-95 portant création et organisation de l’OQSF”. [http://www.oqsf.sn/Documentations/organigramme/DECRET_PORTANT_CREATION_OQSF.pdf]. August 2015. OQSF. 2010. “Enquette de Satisfaction aupres des Usagers du secteur des Assurances”. [http://www.oqsf.sn/Documentations/OQSF/ RAPPORT%20ESUA.pdf]. August 2015. OQSF. 2012. “Charte de la mediation pour les societes d􏰂assurance”. [http://www.oqsf.sn/Documentations/Document_Assur/Charte_Med_ Assurance.pdf]. August 2015. Orozco, Manuel, E. Burgess, and C. Massardier. 2010. “Remittance transfers in Senegal: Preliminary findings, lessons, and recommendations on its marketplace and financial access opportunities”. International Migration Programme Social, Finance Programme. [http://www.thedialogue.org/PublicationFiles/Remittance%20transfers%20in%20Senegal%20pub.pdf]. August 2015. Oxfam. 2013. “Cash-transfer programs: Laying the groundwork”. [http://bit.ly/1l7Wsd0]. August 2015. Republic of Senegal. 2008a. “Law No. 2008-47 on the regulation of microfinance institutions. Journal officiel du Senegal”. 3 September. [http://drs-sfd.gouv.sn/sitedrs/documents/LOI_ORGANIQUE.pdf]. August 2015. Republic of Senegal. 2008b. “Loi Organique n° 2008-47 du 3 septembre 2008 portant réglementation des systèmes financiers decentralizes”. Journal officiel du Senegal, 3 September. [http://drs-sfd.gouv.sn/sitedrs/documents/LOI_ORGANIQUE.pdf] Régent, Sabrina, Sophie Chauliac, and Benoit Rigollet. 2011. “Microinsurance: what do we know?”. PlaNet Finance. [http://admin. planetfinancegroup.org/upload/medias/fr/pfgroup-market_study_microinsurance_2011.pdf]. August 2015. UEMOA (Union Economic et Monetarire Ouest Africaine). “Loi-Cadre Portant Règlementation Bancaire”. [http://bit.ly/1BixfB6]. August 2015. UEMOA. 2009. “Reglement n°07/2009/cm/uemoa portant reglementation de la mutualite sociale au sein de l’UEMOA”. [http://www.uemoa.int/ Documents/Actes/reglement_07_2009_CM_UEMOA.pdf]. August 2015. United Nations Capital Development Fund (UNCDF). “Digital Financial Services in Senegal – Briefing Note”. March. [http://www.uncdf.org/sites/ default/files/Documents/senegal.pdf]. August 2015. World Bank. 2013. “World Bank Banking and Supervision Survey”. [http://bit.ly/1hMXYQW].

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World Bank. 2014. “Commercial bank branches (per 100,000 adults)”. World Bank Development Indicators. [http://data.worldbank.org/ indicator/FB.CBK.BRCH.P5/countries/1W-A4?display=graph]. August 2015. World Bank. 2015. “Ease of Doing Business in Senegal: Getting Credit”. Doing Business 2016. [http://www.doingbusiness.org/data/ exploreeconomies/senegal/#getting-credit]. August 2015.

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South Africa Interviews Goosen, Roelof. Director for Financial Inclusion. Department of the National Treasury of the Republic of South Africa. 21 July 2015. Saunders, David. Knowledge Manager. Centre for Financial Regulation and Inclusion. 23 July 2015. Smit, Herman. Technical Director. Centre for Financial Regulation and Inclusion. 23 July 2015.

References Banking Association South Africa. “Introduction to the National Credit Act”. [http://www.banking.org.za/docs/default-source/defaultdocument-library/code-of-banking-practice-2012.pdf?sfvrsn=10]. July 2015. Banking Association of South Africa. 2015. “Financial Services Charter Code”. [http://www.banking.org.za/consumerinformation/legislation/ financial-sector-charter-code]. Banking Association of South Africa. 2012a. “Code of Banking Practice”. [http://www.banking.org.za/docs/default-source/default-documentlibrary/code-of-banking-practice-2012.pdf?sfvrsn=10]. July 2015. Banking Association of South Africa. 2012b. “Code of Banking Practice”. [http://www.banking.org.za/docs/default-source/default-documentlibrary/code-of-banking-practice-2012.pdf?sfvrsn=10]. Bauer, Nickolaus. 2012. “Don’t expect change on interest rates, say economists”. Mail & Guardian, 29 March. [http://mg.co.za/article/2012-0329-dont-expect-any-movement-on-interest-rates-say-economists] . July 2015. Bester, H., D. Chamberlain, R. Short, A. Smith, and R. Walker. 2006. “Brokering Change in the low-income markets: The threats and opportunities to the intermediation of micro insurance in South Africa”. Genesis Analytics (Pty) Ltd, ENTERPLAN. [http://www.finmark.org.za/wpcontent/ uploads/pubs/Rep_MiIntermediationSA_20061.pdf]. July 2015. Bloomberg Business. 2010. “South African banks can build assets on new capital requirements”. 13 September. [http://www.bloomberg.com/ news/articles/2010-09-13/standard-bank-finance-chief-ridley-says-basel-rules-level-playing-fields-]. July 2015. Charalambous, Lorys. 2011. “South Africa Consults on Microinsurance”. Tax-News, 29 July. [http://www.tax-news.com/news/South_Africa_ Consults_On_Microinsurance____50696.html]. July 2015. Consultative Group to Assist the Poor (CGAP). 2012. “Financial Inclusion and the Linkages to stability, Integrity and Protection: Insights from the South African Experience” 2 November. [http://www.cgap.org/sites/default/files/I-SIP%20Report_1.pdf]. July 2015. Coetzee, G. 1998. “Regulation and Supervision of Microfinance Institutions: The Experience in South Africa”. [http://www.up.ac.za/media/ shared/Legacy/sitefiles/file/48/2052/coetzee1.pdf]. July 2015. De Beer, J. 2002. “The New financial Architecture: South African Supervisors, banks and the New Basel accord”. Tips.org. [http://www.tips.org. za/files/573.pdf]. July 2015. Dovi, E. 2008. “Boosting domestic savings in Africa. Africa Renewal”. Africa Renewal, United Nations Department of Public Information, October. [http://www.un.org/africarenewal/magazine/october-2008/boosting-domestic-savings-africa]. August 2015. East and Southern Africa Banking Supervisors Group (ESAF). 2004. “Microfinance: the South Africa Perspective”. 20 July. [http://www.esaf.org/ esaf/esafv2.nsf/Print/C9337EFBDF269D1A42256E2A003DED42/?opendocument]. July 2015. Economist Intelligence Unit (EIU). “South Africa”. Country Risk Service. May. [http://www.eiu.com/home.aspx]. August 2015. Endres, Christiaan, S. Ncube, C. Hougaard, and L. Van As. 2014. “Regaining momentum? Update on micro insurance in South Africa”. The Centre for Financial Regulation & Inclusion (Cenfri). [http://www.finmark.org.za/wp-content/uploads/pubs/Rep_SA-MI-Update_042014.pdf]. July 2015. Falkena, H., R. Bamber, D. Llewellyn, and T. Store. 2001. “Financial Regulation in South Africa”. SA Financial Sector Forum. [http://www2.resbank.co.za/internet/Publication.nsf/LADV/E8D79424F5A87CA542256B52005CA2B3/$File/fregch1.pdf]. July 2015. Financial Regulatory Reform Steering Committee (FRRSC). 2013. “Implementing twin peaks model of financial regulation in South Africa”. 1 February. [http://www.treasury.gov.za/twinpeaks/20131211%20-%20Item%203%20Roadmap.pdf]. July 2015. Financial Sector Charter Council. 2013. “Introduction”. [http://www.fscharter.co.za/page.php?p_id=137]. July 2015. FSB (Financial Services Board). “Treating Customer Fairly (TCF) Act”. [http://www.banking.org.za/docs/default-source/default-documentlibrary/treating-customers-fairly.pdf?sfvrsn=4]. July 2015. FSB. “Financial Advisory and Intermediary Services – About Us”. [http://www.fsb.co.za/Departments/fais/Pages/AboutUs.aspx]. August 2015. Financial Stability Board. 2012. “Thematic Review on Deposit Insurance Systems: Peer Review Report”. 8 February. [http://www.financialstabilityboard.org/wp-content/uploads/r_120208.pdf?page_moved=1]. July 2015. Financial Stability Board. 2013. “IMN Survey of National Progress in the Implementation of G20/FSB Recommendations”. [http://www.financialstabilityboard.org/wpcontent/uploads/south_africa_2013.pdf?page_moved=]. July 2015. Finmark Trust. 2013. “FinScope SA 2013: Consumer Survey”. [http://www.finmark.org.za/wp-content/uploads/pubs/Pres_FSSA_2013_ excluding-videos2.pdf]. July 2015.

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Gibson, K. 2011. “Case Study: Strengthening Consumer Protection in the South African Micro Insurance Market”. Finmark Trust and Microinsurance Network, 31 October. [http://www.microinsurancenetwork.org/sites/default/files/SACase-Study-ConsProt31-10-11.pdf]. July 2015. Global Development Research Center. “The Microcredit Sector in South Africa: An Overview of the History, Financial Access, Challenges and Key Players”. Paradigm Shift. [http://www.gdrc.org/icm/country/za-mf-paradigmshift.pdf]. July 2015. Gordhan, Pravin. 2012. “Making Financial Inclusion Real” Opening address at the Alliance for Financial Inclusion Global Policy Forum. [http://www.treasury.gov.za/comm_media/speeches/2012/2012092701.pdf]. July 2015. Hougaard, C., H. Bester, and D. Chamberlain. 2008. “The role of policy, regulation and supervision in making insurance markets work for the poor: The case of South Africa”. Centre for Financial Regulation and Inclusion (cenfri), October. [http://cenfri.org/documents/ microinsurance/2009/A2II/FN/FN6_South%20Africa_English.pdf]. July 2015. Ingé Lamprecht. 2013. “Financial sector Commits R97bn to empowerment”. Moneyweb, 16 July. [http://www.moneyweb.co.za/archive/ financial-sector-commits-extra-r97bn-to-empowermen/]. July 2015. IMF (International Monetary Fund). 2010. “South Africa: Detailed Assessment of Compliance on Basel Core Principles for Effective Banking supervision”. Country Report No./10/353, December. [https://www.imf.org/external/pubs/ft/scr/2010/cr10353.pdf]. August 2015. IMF. 2014a. “South Africa: Financial System Stability Assessment”. Country Report No. 14/340, December. [https://www.imf.org/external/ pubs/ft/scr/2014/cr14340.pdf]. August 2015. IMF. 2014b. “South Africa: Article IV Consultation”. Country Report 14/338, December. [http://www.imf.org/external/pubs/ft/scr/2014/ cr14338.pdf]. August 2015. IMF. 2015a. “South Africa: Detailed Assessment of Compliance on the Basel Core principles for Effective Banking supervision”. Country Report No. 15/55, March. [https://www.imf.org/external/pubs/ft/scr/2015/cr1555.pdf]. August 2015. IMF. 2015b. “South Africa: Financial sector Assessment program. Detailed Assessment of the Observance on the Insurance Core Principles”. Country Report No. 15/56, March. [https://www.imf.org/external/pubs/ft/scr/2015/cr1556.pdf]. August 2015. IT News Africa. 2015. “South Africa on a solid path towards financial inclusion” 26 January. [http://www.itnewsafrica.com/2015/01/southafrica-on-a-solid-path-towards-financial-inclusion/]. July 2015. Jabobs, K., P. Styger, and G. Van Vuuren. 2012. “The Regulatory Treatment of liquidity Risk in South Africa”. [http://www.sajems.org/index. php/sajems/article/viewFile/209/173]. August 2015. Khamfula, Y. 2004. “Macroeconomic Policies, Shocks and Economic Growth in South Africa”. Wits University, Global Development Network. [http://siteresources.worldbank.org/INTMEPCHANGE/Resources/Khamfula_final.pdf]. August 2015. KPMG. 2011. “The South African Insurance Industry Survey”. August. [https://www.kpmg.com/ZA/en/IssuesAndInsights/ArticlesPublications/ General-Industries-Publications/Documents/KPMG%20Insurance%20survey.pdf]. July 2015. KPMG. 2014. “JSE Capital Adequacy Requirements”. 22 August. [http://www.kpmg.com/za/en/issuesandinsights/articlespublications/ financial-services/pages/jse-capital-adequacy-requirements.aspx]. July 2015. Lange, Nico De and M. Petros. “Prudential supervision of banks in the South African context – the supervisory review and evaluation process”. International Finance Corporation (IFC) Bulletin. [http://www.bis.org/ifc/publ/ifcb33o.pdf] September 2015. Lipton, David. 2013. “South Africa: Facing the Challenges of the Global Economy”. International Monetary Fund (IMF) Speeches. 8 May. [https://www.imf.org/external/np/speeches/2013/050813.htm]. July 2015. Maxwell, J. “Beyond the BRICS: How to succeed in the emerging markets (by really trying)”. PricewaterhouseCoopers (PWC). [http://www.pwc.com/us/en/view/issue-15/succeed-emerging-markets.jhtml]. August 2015. MasterCard. 2014. “A Progressive Approach to financial inclusion - Middle East & Africa”. [http://www.mastercardadvisors.com/financialinclusion/Financial_Inclusion_MEA.pdf]. July 2015. Mbendi. “Financial Services in South Africa: An Overview”. [http://www.mbendi.com/indy/fsrv/af/sa/p0005.htm]. July 2015. Mbendi. 2000. “Succeeding in the South African Market”. [http://www.mbendi.com/import/sa/succeed_sa_market.htm]. July 242015. Meagher, Patrick. 2005. “Microfinance regulation and supervision in South Africa”. Essays on Regulation and Supervision No. 6, The IRIS Centre, April. [http://www.microfinancegateway.org/sites/default/files/mfg-en-paper-microfinance-regulation-and-supervision-in-southafrica-2005.pdf]. 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Muganga, D.L. 2010. “The Role of Regulation and Supervision of Microfinance Institutions: Evidence From South Africa, and Its Implications For The Development of Non-Deposit Taking Microfinance Regulation In Kenya”. Master Thesis, State University Of Bergamo, Italy. [http://www.universitymeetsmicrofinance.eu/uploads/2/5/8/2/25821214/thesis_muganga.pdf]. August2015. National Credit Regulator (NCR). 2014. Website.[ http://www.ncr.org.za/]. July 2015.

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National Treasury. 2008. “The Future of Micro-Insurance Regulation in South Africa”. Discussion Paper, 7 April. [http://www.treasury.gov.za/ public%20comments/The%20Future%20of%20Micro-insurance%20Regulation%20in%20South%20Africa.pdf]. July2015. National Treasury. 2011a. “The South African Micro insurance Regulatory Framework”. Policy Document, July. [http://www.treasury.gov.za/ publications/other/MicroinsuranceRegulatoryFramework/Policy%20ocument%20Micro%20Insurance.pdf]. July 2015. National Treasury. 2011b. “A safer financial sector to serve the South Africa better”. Policy document, 23 February. [http://www.treasury.gov.za/ documents/national%20budget/2011/A%20safer%20financial%20sector%20to%20serve%20South%20Africa%20better.pdf]. July 2015. National Treasury. 2012. “Departmental Financial Reporting Framework Guide”. Audit Committee, 31 March. 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SARB. 2014. “Bank supervision Department Annual report”. [https://www.resbank.co.za/Lists/News%20and%20Publications/ Attachments/6736/04%20Chapter%201.pdf]. August 2015. Selassie, A.A. 2011. “What ails South Africa”. Finance & Development Vol. 48 No 4., December. [http://www.imf.org/external/pubs/ft/ fandd/2011/12/selassie.htm]. July 2015. Smith, A., D. Chamberlain, C. Hougaard, H. Smit, and J. Carlman. 2010. “Reaching the Client: Update on the Micro Insurance Innovation in South Africa”. FinMark Trust. [http://cenfri.org/documents/microinsurance/2010/Update%20on%20innovation%202010/Update%20on%20 innovation_Synthesis%20note.pdf]. July2015. Tarazi, M and P. Breloff. 2011. “Regulating Banking Agents”. Consultative Group to Assist the Poor (CGAP) Focus Note No. 68, March. [https://www.cgap.org/sites/default/files/CGAP-Focus-Note-Regulating-Banking-Agents-Mar-2011.pdf]. September2015. UHY HELLMANN (SA). 2014. “Doing Business in South Africa”. [http://www.uhy.com/wp-content/uploads/Doing-Business-in-South-Africa. pdf]. August2015. World Bank. 2013. “South Africa Economic Update: Focus on Financial Inclusion”. [http://www.worldbank.org/content/dam/Worldbank/ document/Africa/South%20Africa/Report/south-africa-economic-update-2013.05.pdf]. July2015. World Bank. 2015. “Doing Ease of Doing Business in South Africa: Getting Credit.” Doing Business 2016. [http://www.doingbusiness.org/data/ exploreeconomies/indonesia/#getting-credit]. August 2015.

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Sri Lanka Interviews Munasinghe, Yasitha. Coordinator. Lanka Microfinance Practitioners Association. 6 July 2015. Ratwatte, J. Charitha. Managing Director. Sri Lanka Business Development Centre and Advisor to the present government. 7 July 2015 Terry, Hugh. Director. The Digital Insurer. 20 July 2015

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Senanayake, R.M.B. 2007. “Banking Foresight: Taking Banking to the Rural People through Mobile Phones”. Association of Professional Bankers (APB) Sri Lanka. [http://www.apbsrilanka.org/articales/23_ann/23_pdf_docs/12_R.M.B._Senanayake.pdf]. July 2015. Senewiratne, H. Hiran. 2012. “CRIB launches Credit Information Registry to help SMEs”. The Island, 19 May. [http://www.island.lk/index. php?page_cat=article-details&page=article-details&code_title=52338]. July 2015. Shabiya, Ali Ahlam. 2014. “Microinsurance in Sri Lanka: Where is it heading?” Daily FT, 7 July. [http://www.ft.lk/2014/07/07/microinsurancein-sri-lanka-where-is-it-heading/]. July 2015. Sri Lanka Insurance Ombudsman. 2014. Website. [http://insuranceombudsman.lk]. July 2015. Sri Lanka Savings Bank. 2013. “Micro Finance”. [http://www.slsbl.lk/micro_finance.php]. July 2015. Stefanski, Scott. 2013. “IFC Mobile Money Scoping Country Report: Sri Lanka”. International Finance Corporation (IFC), May. [http://www.ifc.org/wps/wcm/connect/822beb00407b914e90ed90cdd0ee9c33/Sri+Lanka+Scoping+Report+053013_ final+for+publication.pdf].?MOD=AJPERES]. July 2015. Wijeratne, Nalin. 2011. “Electronic payment systems in Sri Lanka”. Association of Professional Bankers (APB) Sri Lanka. [http://www.apbsrilanka.org/articales/23_ann/23_pdf_docs/15_Nalin_Wijerathne.pdf]. July 2015. World Bank. 2015. “Ease of Doing Business in Sri Lanka”. Doinb Business 2016. [http://www.doingbusiness.org/data/exploreeconomies/srilanka?topic=getting-credit]. July 2015.

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Tajikistan Interviews Mahmadkulov, Zafar. Chief Accountant. MDO Humo. 7 August 2015. Mirsadykov, Bahrom. Director. MLF Kiropol. 27 July 2015. Shorakhmanov, Shuhrat. Lawyer. Association of Microfinance Organisations of Tajikistan. 27 July 2015. Additional source wished to remain anonymous.

References AccessBank Tajikistan. Website. [http://www.accessbank.tj/ru/]. July 2015. Asia-Plus. 2015 “Jamshed Nurmakhmadzoda heads National Bank”. 4 May. [http://www.news.tj/ru/news/natsbank-tadzhikistana-vozglavildzhamshed-nurmakhmadzoda]. July 2015. Association of Microfinance Organizations of Tajikistan. 2014. “The Code of Business Ethics of MFIs which are members of AMFOT”. February. [http://amfot.tj/services/social_impact/codex/]. July 2015. Avesta. 2014. “National Bank of Tajikistan revokes licences of two microcredit organisations”. [http://www.avesta.tj/business/25144-nacbanktadzhikistana-otozval-licenzii-dvuh-mikrokreditnyh-organizaciy.html]. July 2015. Credit Information Bureau of Tajikistan. Website. [cibt.tj]. Kazkommertsbank Tajikistan. Website. [http://www.kkb.tj/ru/page/Retail]. July 2015. MDO Arvand. “Deposits”. [http://www.arvand.tj/ru/deposit.html]. July 2015. MDO Humo. “Deposit”. [http://mdohumo.tj/en/our_services/depos-info.html]. July 2015. NBT (National Bank of Tajikistan). “The payment system of the Republic of Tajikistan”. [http://nbt.tj/ru/payment_system/overview.php]. July 2015. NBT. 2010. “The Strategy for the Development of the Banking Sector in Tajikistan in 2010-2015”. NBT. 2011. “Instruction No 181 On Requirements for System of Risk Management and Internal Control in Credit Organisations (amended through 2014)”. NBT. 2011. “Rules for Preparing Forms of Financial Reporting for Credit Organisations”. NBT. 2012. “Instruction No 196 On Regulations of Activities of Microcredit Deposit Organisations”. NBT. 2012. “Instruction No 197 On Regulations of Activities of Microcredit Organisations”. NBT. 2012. “Instruction No 198 On Regulations of Activities of Microcredit Funds”. NBT. 2013. “Rules for Establishing Structural Subunits of Credit Organisations and Their Branches (in new wording)”. NBT. 2014. “Instruction No 199 On Rules for Offering Microcredits by Microfinance Organisations”. NBT. 2015. “Minimum size of charter capital increases”. 7 July. [http://www.nbt.tj/ru/news/420300/]. July 2015. Payvand Payment System. “Agent agreement on receiving payments”. [http://www.payvand.tj/files/dogovor-agent-subagent.doc]. Qiwi electronic payment. Website. [http://qiwi.tj]. Republic of Tajikistan. 1998. “The Criminal Code of the Republic of Tajikistan (amended through 2012)”. Republic of Tajikistan. 2004. “The law of the Republic of Tajikistan On Microfinance Organisations Tajikistan (amended through 2012)”. Republic of Tajikistan. 2004. “The law on protection of consumer rights.” Republic of Tajikistan. 2009. “The law on credit histories”. Republic of Tajikistan. 2010. “The law of the Republic of Tajikistan on insurance activities”. Republic of Tajikistan. 2011 “The law on insuring deposits of individuals”. Republic of Tajikistan. 2014. “Strategy for the development of the payment system of the Republic of Tajikistan in 2015-2025”. 31 October. [http://cis-legislation.com/document.fwx?rgn=71493]. July 2015. Unipay electronic payment system. Website. [http://www.upay.tj]. World Bank. 2013. “Tajikistan: diagnostic survey of consumer rights protection and financial literacy of consumers. Part 1”. April [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/Tajikistan-DiagReview-Vol1-Comparisonwith-Good-Practices-RUSSIAN.pdf]. July 2015. World Bank. 2015. “ Ease of Doing Business in Tajikistan: Getting Credit”. Doing Business 2016. [http://www.doingbusiness.org/data/ exploreeconomies/tajikistan#getting-credit]. July 2015.

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Tanzania Interviews Karume, Athu. Country Director. First Access. 31 July 2015. Komba, Kennedy. Advisor, Payment Systems. Bank of Tanzania. 16 July 2015. Saunders, David. Knowledge Manager and Training Coordinator. Centre for Financial Regulation and Inclusion (Cenfri). 24 July 2015.

References All Africa. 2014a. “Tanzania: Deposit Insurance Board Defends Its Performance”. All Africa,11 July. [http://allafrica.com/ stories/201407110823.html]. All Africa. 2014b. “Tanzania: Credit Bureau Gives Tips on Best Practices”. 8 December. [http://allafrica.com/stories/201412080429.html]. All Africa. 2015. “Tanzania: NMB and Dun & Bradstreet Partner on Credit Referencing”. 22 June. [http://allafrica.com/stories/201506220647. html]. Alliance for Financial Inclusion (AFI). 2015. “Bank of Tanzania using groundbreaking model in pursuit of financial inclusion success”. 27 March. [http://www.afi-global.org/news/2015/3/27/bank-tanzania-using-groundbreaking-model-pursuit-financial-inclusion-success]. Bank of India - Tanzania. 2015. “Savings Account”. [http://www.boitanzania.co.tz/english/savings.aspx]. BOT (Bank of Tanzania). 2004. “Guidelines for Evaluation of Non-Governmental Organizations Engaged in Microcredit Activities”. [https://www.bot-tz.org/MFI/Documents/GuidelinesForEvaluatingNGOs2004.pdf]. BOT. 2013a. “Re: Data Submission to the Credit Reference Databank”. Circular FC.170/208/01, 27 September. [https://www.bot-tz.org/ BankingSupervision/circulars/Data%20Submission%20to%20the%20Credit%20Reference%20Databank%20_September%202013.pdf]. BOT. 2013b. “Directorate of Banking Supervision Annual Report”. [https://www.bot-tz.org/BankingSupervision/Reports/DBS%20ANNUAL%20 REPORT%202013.pdf]. BOT. 2014a. “Director’s Report and Financial Statements for the Year Ended 30 June 2014”. 30 June. [https://www.bot-tz.org/Publications/ FinancialReports/FinancialStatements/2014/BOT%20annual%20report%202014.pdf]. BOT. 2014b. “Tanzania hits financial inclusion target early due to mobile surge”. 22 July. [https://www.bot-tz.org/Adverts/PressRelease/ Tanzania%20hits%20FI%20target.pdf]. BOT. 2015a. “Banking Consumers’ Complaints Resolution Desk”. [https://www.bot-tz.org/Adverts/PressRelease/dawati-%20matatizo.pdf]. BOT. 2015b. “Financial Stability Report”. March. [http://www.bot-tz.org/Publications/Fin-stability/FSR%20_March%202015%20%2030%20 Jun2015.pdf]. Bertelsmann Stiftung. 2014. “BTI Country Report: Tanzania 2014”. Bertelsmann Stiftung’s Transformation Index (BTI). [http://www.bti-project. org/uploads/tx_itao_download/BTI_2014_Tanzania.pdf]. Creditinfo Tanzania. 2015a. “FAQs”. [www.creditinfo.co.tz/home/faqs/]. Creditinfo Tanzania. 2015b. “About Us”. [www.creditinfo.co.tz/home/about-us/]. Di Castri, Simone and Lara Gidvani. 2014. “Enabling mobile money policies in Tanzania: A ‘Test and Learn’ Approach to Enabling Market-Led Digital Financial Services”. GSM Case study, 15 April. [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425340]. D&B Tanzania. 2015. “Dispute Resolution”. [http://dnbtanzania.com/learning-center/#dispute_resolution]. Elinaza, Abduel. 2015. “Tanzania: Strong Financial Sector Drives Economy to Prosperity”. All Africa, 21 April. [http://allafrica.com/ stories/201504211495.html]. Financial Inclusion Insights. 2015. “The Environment for Digital Financial Services in Tanzania”. [http://finclusion.org/country-pages/ tanzania-country-page/the-environment-for-digital-financial-services-in-tanzania/]. Financial Sector Deepening Trust. 2015. Website. [http://www.fsdt.or.tz/home/]. First Access. 2015. “About”. [http://www.firstaccessmarket.com/index.php]. International Finance Corporation (IFC). 2013. “Tanzania: Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1”. November. [http://responsiblefinance.worldbank.org/~/media/GIAWB/FL/Documents/Diagnostic-Reviews/Tanzania-CPFL-DiagReviewVol-I-FINAL.pdf]. International Financial Reporting Standards Foundation (IFRS). 2015. “IFRS Application Around the World, Jurisdiction Profile: Tanzania”. 3 March. [http://www.ifrs.org/Use-around-the-world/Documents/Jurisdiction-profiles/Tanzania-IFRS-Profile.pdf]. International Monetary Fund (IMF). 2005. “Financial Sector Assessment: A Handbook”. September. [https://openknowledge.worldbank.org/ bitstream/handle/10986/7259/337970rev0Fina10Assessment01PUBLIC1.pdf?sequence=1]. Magabe, Julius. 2014. “Microinsurance Development Strategy for Tanzania”. 24 March. [http://www.indabook.org/get/ CEO6GalL9jSJR1XCoD81Mm6iCoZrGdRmEVuuP1dXvC0,/Microinsurance-Development-Strategy-for-Tanzania.pdf].

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MicroFinance Transparency. 2011. Country Survey: Tanzania. December 2011. [http://www.mftransparency.org/wp-content/uploads/2012/05/ MFT-RPT-106-EN-Country-Survey-Tanzania.pdf] Ng’ingo, Evance. 2014. “Tanzania: Credit Bureau Gives Tips on Best Practices”. 8 December. [http://allafrica.com/stories/201412080429.html]. Njini, Felix. 2015. “Greece Contagion Reaches East Africa as Tanzania Delays Loan”. Bloomberg, 8 July. [http://www.bloomberg.com/news/ articles/2015-07-08/greece-contagion-reaches-east-africa-as-tanzania-loan-is-delayed]. Nord, Roger, et al. 2009. “Tanzania: the story of an African transition”. IMF (International Monetary Fund). [https://www.imf.org/external/ pubs/ft/books/2009/tanzania/tanzania.pdf]. Pesa Times. 2013. “Tanzania Modernising Deposit Insurance”. 24 January. [http://pesatimes.co.tz/news/banking-finance/deposit-insurance/]. Reuters. 2014. “Tanzania’s Tigo launches interest-earning mobile service”. 11 September. [http://www.reuters.com/article/2014/09/11/ tanzania-tigo-telecomunications-idUSL1N0RB1BT20140911]. Reuters. 2015. “Tanzania says to fully embrace foreign capital this year”. 14 July. [http://af.reuters.com/article/tanzaniaNews/ idAFL5N0ZU47T20150714]. Standard Chartered Tanzania. 2015.”Current Account”. [https://www.sc.com/tz/personal-banking/deposits/current-account/en/]. Tanzania Invest. 2015. “Bank of Tanzania to Launch Complaint Resolution Desk”. 2 May. [http://www.tanzaniainvest.com/banking-finance/ news/1519-bank-of-tanzania-to-launch-complaint-resolution-desk-website]. Tanzania Insurance Regulatory Authority (TIRA). 2015. Website. [http://www.tira.go.tz/]. United Republic of Tanzania. 2000. “National Microfinance Policy Framework”. United Republic of Tanzania. 2003a. “The Fair Competition Act”. United Republic of Tanzania. 2003b. “Tanzania Inter-Bank Settlement System Rules and Regulations”. United Republic of Tanzania. 2004. “Regulations on Savings and Credit Cooperative Societies”. United Republic of Tanzania. 2006a. “The Bank of Tanzania Act”. [www.bot-tz.org/AboutBOT/ BOTAct2006.pdf]. United Republic of Tanzania. 2006b. “Banking and Financial Institutions Act” United Republic of Tanzania. 2007. “Electronic Payment Schemes Guidelines”. United Republic of Tanzania. 2010a. “Persons with Disability Act”. 2010. United Republic of Tanzania. 2010b. “Risk Based Supervision Framework”. United Republic of Tanzania. 2012a. “The Bank of Tanzania (Credit Reference Bureau) Regulations”. United Republic of Tanzania. 2012b. “The Bank of Tanzania (Credit Reference Databank) Regulations”. United Republic of Tanzania. 2013a. “Guidelines on Agent Banking for Banking Institutions”. United Republic of Tanzania. 2013b. “Micro-insurance Regulations”. United Republic of Tanzania. 2014a. “Banking and Financial Institutions (Capital Adequacy) Regulations”. United Republic of Tanzania. 2014b. “Banking and Financial Institutions (Disclosures) Regulations”. United Republic of Tanzania. 2014c. “Banking and Financial Institutions (Internal Control and Internal Audit) Regulations”. United Republic of Tanzania. 2014d. “Banking and Financial Institutions (Licensing) Regulations”. United Republic of Tanzania. 2014e. “Banking and Financial Institutions (Microfinance Activities) Regulations”. United Republic of Tanzania. 2015a. “Banking and Financial Institutions (Capital Adequacy) (Amendment) Regulations”. United Republic of Tanzania. 2015b. “Guidelines for Banking Consumer Complaints”. Zetterli, Peter. 2015. “Tanzania: Africa’s Other Mobile Money Juggurnaut”. Consultative Group to Assist the Poor (CGAP), 17 March. [http://www. cgap.org/blog/tanzania-africa%E2%80%99s-other-mobile-money-juggernaut].

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Thailand Interviews Jiravisit, Kamonvan. Thammasat University, Faculty of Law. 28 July 2015. Kunvipusilkul , Davina. Team Executive, Financial Institutions Policy Group. Bank of Thailand (BOT), 23 July 2015. Manakul, Taweesak. Fiscal Policy Office (FPO). 22 July 2015. Phanthajarunithi, Chanya. Team Executive. Bank of Thailand (BOT). 23 July 2015. Pochanukul Suzuki, Patamawadee. Bank for Agriculture and Agricultural Cooperatives (BAAC). 25 July 2015. Suksamran, Panitarn. Senior Economist. Fiscal Policy Office (FPO). 22 July 2015. Teerasam, Juntaporn. Office of Insurance Commission. 28 July 2015.

References Archavanuntakul, S. and P. Pochanukul. 2014. “The Handbook for Community-based Financial Institutions”. V-Reform, 17 February. [http://v-reform.org/manuel-for-micro-financial/ ]. July 2015. ADB (Asian Development Bank). 2013a. “Microfinance Regulation and Supervision Recommendations Report.” Development of a Strategic Framework for Financial Inclusion in Thailand. [http://www.adb.org/sites/default/files/projdocs/2014/45128-001-tacr-03.pdf]. July 2015. ADB. 2013b. “Microfinance Supply-Side Assessment Report.” Development of a Strategic Framework for Financial Inclusion in Thailand. [http://www.adb.org/sites/default/files/projdocs/2014/45128-001-tacr-04.pdf ]. July 2015. ADB. 2013c. “Consumer Protection Assessment Report.” Development of a Strategic Framework for Financial Inclusion in Thailand. [http://www.adb.org/sites/default/files/projdocs/2014/45128-001-tacr-01.pdf ]. July 2015. Bangkok Post. 2015. “Prayut gives all ministers equal chance to stay or go”. 22 July. [http://www.bangkokpost.com/news/politics/631288/ prayut-gives-all-ministers-equal-chance-to-stay-or-go]. Bank of Thailand (BOT). 2001. “Electronic Transactions Act B.E. 2544”. [https://www.bot.or.th/English/PaymentSystems/OversightOfEmoney/ RelatedLaw/Documents/et_act_2544_Eng.pdf]. July 2015. BOT (Bank of Thailand).2003. “Notification of the Bank of Thailand on Appointment of Commercial Bank’s Depository and Withdrawal Representative B.E. 2546 (2003)”. [http://www2.bot.or.th/fipcs/Documents/FPG/2546/EngPDF/25461341.pdf ]. July 2015. Bank of Thailand (BOT).2008a. “The Royal Decree Regulation Electronic Payment Service Business B.E.2551(2008)”. [https://www.bot.or.th/Thai/PaymentSystems/OversightOfEmoney/Documents/epay_royal_decree_final.pdf]. July 2015. BOT. 2008b. “Practice rules of interest rate, discount, fee and surcharge for commercial banks B.E.2551 (2008)”. [https://www.bot.or.th/Thai/ fipcs/Documents/FPG/2551/ThaiPDF/25510370.pdf]. July 2015. BOT. 2008c. “Practice Guideline of The Bank of Thailand on reasonable collection practices B.E. 2551 (2008)”. [http://www2.bot.or.th/fipcs/ Documents/FPG/2551/ThaiPDF/25510409.pdf]. July 2015. BOT. 2008d. “The Financial Institution Act”. [https://www.bot.or.th/Thai/AboutBOT/LawsAndRegulations/DocLib_ThaiLaw/Law_T31_ Institution.pdf]. July 2015. BOT. 2010. “Announcement of the Bank of Thailand on the Appointment of Banking Agent B.E. 2553 (2010)”. [https://www.bot.or.th/Thai/ fipcs/Documents/FPG/2553/ThaiPDF/25530235.pdf]. July 2015. BOT. 2009. “Financial Master Plan Phase II”. [https://www.bot.or.th/English/FinancialInstitutions/Highlights/Pages/FSMP2_Circular.aspx]. July 2015. BOT. 2011. “Payment Systems Roadmap 2012-2016”. [https://www.bot.or.th/English/PaymentSystems/PolicyPS/Documents/ PaymentRoadmap_2016.pdf] July 2015. BOT. 2013a. “Criteria for operating bank branches B.E. 2556 (2013)”. [http://www2.bot.or.th/fipcs/Documents/FPG/2556/ThaiPDF/25560066. pdf] July 2015. BOT. 2013b. “Policy Guideline of the Bank of Thailand on the disclosure of commercial banks’ products B.E. 2556 (2013)”. [https://www.bot. or.th/Thai/fipcs/Documents/FPG/2556/ThaiPDF/25560255.pdf]. July 2015. BOT. 2013c. “Changing criteria for bank branch opening to be more flexible”. [https://www.bot.or.th/Thai/PressAndSpeeches/Press/ News2556/n1256t.pdf]. July 2015. BOT. 2014a. “Payment Systems Report 2013”. [http://www.bot.or.th/English/PaymentSystems/Publication/ps_annually_report/Documents/ Payment_2013_E.pdf]. July 2015. BOT. 2014b. “Notification of reporting fees and interest rates for non-bank institutions B.E.2557 (2014)”. [https://www.bot.or.th/Thai/FIPCS/ Documents/FPG/2557/ThaiPDF/25570237.pdf]. July 2015. BOT. 2015a. “Manual for people to request operating e-payment and e-money”. [https://www.bot.or.th/Thai/PaymentSystems/ OversightOfEmoney/manual-allow/Pages/default.aspx]. July 2015.

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BOT. 2015b. “Draft of new e-payment website”. [https://www.bot.or.th/Thai/PaymentSystems/OversightOfEmoney/Meeting_Oversight/Pages/ default.aspx]. July 2015. BOT. 2015c. “Complaint Handling Website Homepage.” Compliant Handling Unit. [http://www.1213.or.th/th/aboutfcc/complainthandling/ Pages/complainthandling.aspx ]. July 2015. BOT. 2015d. “Free rate”. [https://www.bot.or.th/app/feerate/index.aspx]. July 2015. BOT. 2015e.“Financial Consumer Protection Center Press”. [https://www.bot.or.th/English/BOTStoryTelling/Pages/1213_StoryTelling_Press. aspx]. July 2015. BOT. 2015f. “Financial Institutions Supervision in Practice”. [https://www.bot.or.th/English/FinancialInstitutions/Policy/Pages/default.aspx]. July 2015. BOT. 2015g. Financial Access Survey. From BOT website. [https://www.bot.or.th/English/Statistics/Pages/default.aspx]. July 2015. BOT. 2015h. “BOT Announcement on Regulations for Personal Credit Provided by Non-Bank Financial Institutions”. BOT. 2015i. “The BOT announcement regarding the capital standards for the branch of foreign commercial banks”. [https://www.bot.or.th/Thai/ FIPCS/Documents/FPG/2558/ThaiPDF/25580120.pdf]. July 2015. BOT. 2015j. “The BOT announcement regarding the capital standards for domestic financial institutions”. [https://www.bot.or.th/Thai/FIPCS/ Documents/FPG/2558/ThaiPDF/25580119.pdf]. July 2015. Beat Banking. 2015. “About Beat Banking”. [https://www.beatbanking.com/BeatBanking/about-us/]. July 2015. Chaichalearmmongkol, Nopparat. 2015. “Thai Economy Struggle to Grow as Export Wilt”. Wall Street Journal (WSJ), 18 May. [http://www.wsj.com/articles/thai-economy-struggles-to-grow-as-exports-wilt-1431938353]. July 2015. Deposit Protection Agency of Thailand. 2014. “Deposit Protection in Thailand and the International Standards”. [http://www.dpa.or.th/ewt_ news.php?nid=363#language ]. July 2015. Financial Consumer Protection Center. 2015. “Complaint Handling Website Page.” [http://www.1213.or.th/th/aboutfcc/complainthandling/ Pages/complainthandling.aspx]. July 2015. FPO (Fiscal Policy Office). 2015a. “Financial Access Map”. [http://www.fpo.go.th:81/mim/source/www/list.php]. July 2015. FPO. 2015b. “Informal financial system compliant homepage.”. [http://www.1359.in.th/index.php]. July 2015. International Finance Corporation (IFC). 2011. “IFC Mobile Money Study 2011: Thailand”. [http://www.ifc.org/wps/wcm/connect/ b7713e804a02e4d19d2dfdd1a5d13d27/MobileMoneyReport-Thailand.pdf?MOD=AJPERES ]. July 2015. Kingdom of Thailand. 1992. “Non- Life Insurance Act B.E. 1992. (Amended B.E.2551)”.[http://www.oic.or.th/en/rule/nonlife01.php]. July 2015. Kingdom of Thailand. 2008. “Financial Institution Business Act B.E.2551”. [http://www.dpa.or.th/ewt_dl_link.php?nid=24&filename=index___ EN ]. July 2015. Kingdom of Thailand. 2010. “Life Insurance Act No.2”. [http://www.oic.or.th/en/rule/life01.php]. July 2015. National Broadcasting and Telecommunications Commission. 2015. “Thailand ICT Information and telecom industry database website”. [http://www2.nbtc.go.th/TTID/]. July 2015. NBC (National Credit Bureau). 2015a. “NCB homepage.” [https://www.ncb.co.th/Default.htm]. July 2015. NBC. 2015b. “Privacy Policy Statement.” [http://www.ncb.co.th/policy_en.htm]. July 2015. NBC. 2015c. “Request Forms”. [https://www.ncb.co.th/download.htm]. July 2015. National Statistical Office. 2015. “Household Socio-Economic Survey”. [http://web.nso.go.th/eng/stat/socio/socio.htm]. July 2015. OIC (Office of the Insurance Commission. 2010. “Insurance Development Plan Volume II”. August. [http://www.oic.or.th/th/about/files/mp2/ IDP%20(Final).pdf]. July 2015. OIC. 2013. “OIC resolved over 95% insurance dispute submitted in 2012”. 23 February. [http://www.oic.or.th/en/news/detail. php?ID=4065&key=information_en]. July 2015. OIC. 2015a. “Micro-insurance”. [http://www.oic.or.th/th/ins200/]. July 2015. OIC. 2015b. “Insurance Commission Notification Subject: Allocation of assets for liabilities and obligations under insurance contracts and the deposition of assets with financial institution B.E.2551”. [http://www.oic.or.th/upload/nonlifeinsurrance/download/1041-5267.pdf]. July 2015 Parpart, Erich. 2014. “BOT governor urges savings cooperatives to join National Credit Bureau”. The Nation Online, 29 November. [http://www.nationmultimedia.com/business/BOT-governor-urges-savings-cooperatives-to-join-Na-30248803.html]. July 2015. Prachachart Business Online. 2014. “4 cooperatives sign to be under Credit bureau” 28 November. [http://www.prachachat.net/news_detail. php?newsid=1417101699]. July 2015. The Nation. 2015. “BOT governor selection underway”. 8 June. [http://www.nationmultimedia.com/business/BOT-governor-selectionunderway-30261867.html]. July 2015. Village Funds Unit. 2012. “Handbook for evaluating potential and efficiency of village funds operation”. [http://www.villagefund.or.th/ multimedia/atthamon/newnew.pdf]. July 2015. World Bank. 2015a. “Doing Business: Getting Credit”. [http://www.doingbusiness.org/data/exploretopics/getting-credit]. July 2015. World Bank. 2015b. “Commercial bank branches (per 100,000 adults) “. World Development Indicators (WDI). [http://data.worldbank.org/ indicator/FB.CBK.BRCH.P5]. July 2015.

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Trinidad and Tobago Interviews Bailey, Henry. Lecturer. Arthur Lok Jack Graduate School of Business, University of the West Indies. 20 July 2015. Browne, Mariano. Executive Chairman and former Minister of Trade, Trinidad and Tobago. Elida Management Services Ltd. 18 July 2015. Henry, Julian. Chief Executive Officer. National Enterprise Development Company (Nedco) Limited. 17 July 2015.

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Turkey Interviews Fraboni, Fabrizio. Principal Operations Officer. World Bank. 4 August 2015. Oguz, Alper. Senior Financial Sector Specialist. World Bank. 1 September 2015. Staschen, Stefan. Consultant. CGAP (Consultative Group to Assist the Poor). 25 August 2015. Additional source wished to remain anonymous.

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Uruguay Interviews All sources wished to remain anonymous.

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Banco Republica. 2015. “Cajas de Ahorro”. [http://www.brou.com.uy/web/guest/personas/cuentas/cuenta-ahorro]. July 2015. Banning-Lover, Rachel. 2015. “Financial inclusion in Latin America: giving the people what they need”. The Guardian, 1 June. [http://www.theguardian.com/global-development-professionals-network/2015/jun/01/financial-inclusion-in-latin-america-giving-thepeople-what-they-need]. July 2015. Camera Mercantile. 2014. “Memorandum: Ley de inclusion financiera”. [http://www.camaramercantil.com.uy/uploads/cms_news_docs/ memobancarizacion.pdf]. July 2015. Centro de Informacion Oficial. 2015. “Datos”. [http://www.impo.com.uy/bancodatos/datos.htm]. July 2015. Corporacion de Proteccion del Ahorro Bancario. 2015. “Comunicado de prensa del comite de estabilidad financiera del 5/5/2015”. [http://www.copab.org.uy/home]. July 2015. Deloitte. 2015. “Uruguay”. IAS Plus. [http://www.iasplus.com/en/jurisdictions/americas/uruguay]. July 2015. 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Venezuela Interviews Barrios, Juan Jose. Country Economist, Venezuela. Inter-American Development Bank (IADB). 26 July 2015. Grando, Beatriz. Specialist in microfinance. Grando & Asociados. 27 July 2015. Uslar, Juan. Director. BanCaribe. 20 July 2015.

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Vietnam Interviews Dang, Hanh. TYM Fund. 20 August 2015. Additional sources wished to remain anonymous.

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Financial inclusion experts interviewed during May and June of 2015

• Simone Di Castri, GSMA • Michel Hanush, CGAP • Michael J McCord, Microinsurance Center • Doug Rodgers, Metlife • Maria Victoria Saenz Samper, IDB-MIF • Narda Sotomayor, Superintendencia de Banca, Seguros y AFP de la Republica de Peru • Martina Wiedmaier-Pfister, Independent consultant

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